Stanbic IBTC Holdings links earnings rise to loans growth

Stanbic IBTC Holdings links earnings rise to loans growth

Chief Executive, Stanbic IBTC Holdings, Demola Sogunle has linked the bank’s uptick in earnings in the 2021 financial year to increased loan volumes and assets growth.

Speaking during the bank’s 10th Annual General Meeting (AGM) in Lagos, the bank chief said: “We attained a record high of N946.3 billion (N665.3 billion in December 2020) on our gross loans, as we prudently grew loan volumes by 44 per cent. This further stabilised our earning capabilities for the foreseeable future, as we continued to manage risk asset quality of our loan book and implement a favourable strategy for our stakeholders.’’

According to him, the bank’s total assets increased by 10 per cent to N2.7 trillion in 2021, higher than N2.5 trillion achieved in the preceding year.

The bank’s customer deposits also grew from N819.9 billion to N1.1 trillion, representing 37 per cent increase.

The bank had during the AGM received the company’s audited financial statements for the 2021 financial year, among other resolutions.

The highlight of the event include the declaration of a dividend of 200 kobo per ordinary share to shareholders as recommended by the Board of Directors.

Announcing the resolution, Company Secretary and Head, Country Legal Services, Stanbic IBTC Holdings PLC, Chidi Okezie, said: “The directors recommended the approval of a final dividend of 200 kobo per share for the year ended 31 December 2021.”

Also, a shareholder, Kola Alaga, said: “I would like to express my gratitude to the Board of Directors, Management and members of staff of Stanbic IBTC for a job well done. Despite the economic downturn, the company declared a dividend of 200 kobo, which is very impressive compared to other players in the financial industry.”

Barend Kruger, Nkemdilim Uwaje Begho, and Lilian Ifeoma Esiri were re-elected as Non-Executive Directors.

Other resolutions, which were ratified at the AGM, included the continuation of the services of PricewaterhouseCoopers as the external auditors for the Group and the cancellation of unissued shares.

Chairman, Stanbic IBTC Holdings PLC, Basil Omiyi, commended the Group’s Management for the impressive result despite operating in a challenging environment.

He said: “We offer our thanks to our very efficient team, who have delivered impressive results and we have once again proved our pedigree in establishing exceptional financial solutions, as several entities across the Group bagged various awards during the year.

“The Board of Directors is pleased with what the Management has been doing. We appreciate our Chief Executive for keeping a steady hand on the tiller even through this difficult time and we appreciate the executive management team for their remarkable leadership and for going above and beyond to meet our customers’  needs.”