Stanbic IBTC Holdings Plc has increased its total issued and fully paid up shares from 10.24 billion to 10.47 billion ordinary shares as it listed additional 232,899,013 ordinary shares of 50 kobo each on the Daily Official List of the Nigerian Stock Exchange (NSE).
In a statement made available to the public, the bourse disclosed that the additional 232,899,013 ordinary shares of 50 kobo each resulted from the script dividend offered to eligible shareholders of Stanbic IBTC, who elected to receive new ordinary shares in lieu of cash dividends, with respect to the N1.50 final dividend declared for the financial year ended Monday, December 31, 2018.
What you should know: The shareholders of the lender had been presented with a choice to opt for a script dividend following its declaration of an interim dividend of N1 per share. Recall that on Wednesday, August 28, 2019, the bank proposed an interim dividend of N1 per share, which amounted to N10.4 billion.
The shareholders, however, had a choice of receiving the dividends either in cash or as new ordinary shares in the company (scrip dividend).
Meanwhile, Stanbic’s total asset had fallen by 2.7% from N1.66 trillion in 2018 to N1.61 trillion in 2019.
The bank’s gross earnings for the period stood at N117.3 billion, compared to N114.2 billion recorded in 2018, representing a 2.7% increase.
Profit After Tax stood at N36.2 billion as against N43.1 billion recorded in the same period in June 2018, representing a 15.8% dip.
Stanbic IBTC is a Nigerian company which had its roots in Investment Banking and Trust Company Plc, formed on February 2, 1989, with Atedo Peterside, CON as the first Chief Executive. The company has since evolved into a full-service financial institution with nine subsidiaries all headed by Nigerians.
Stanbic IBTC Holdings Plc, a member of Standard Bank Group, is a financial services group and Africa’s largest bank by assets with a clear focus on three main business pillars -Corporate and Investment Banking, Personal and Business Banking and Wealth Management.