Stanbic IBTC Holdings Plc has released its consolidated and separate interim financial statements for the period ended June 30, 2020. The results on the Nigerian Stock Exchange (NSE) show group’s gross earnings in H1’20 increased by 7.83 percent to N126.57billion from N117.37billion in H1’19.
Profit before tax (PBT) increased by 17.37percent to N52.40billion from N44.65billion in H1’19. Profit after tax (PAT) increased by 24.72percent by for the period ended June 30, 2020, to N45.20billion from N36.24billion in H1’19.
The management recommended the approval of an interim dividend of 40kobo per share (30 June 2019: 100 kobo per share) for the period ended June 30, 2020, which amounts to N4.20billion as against N10.24billion interim dividend the company paid in H1’19.
The principal activity of the company is to carry on business as a financial holding company, to invest and hold controlling shares, in as well as manage equity in its subsidiary companies.The company has nine direct subsidiaries, namely: Stanbic IBTC Bank Plc, Stanbic IBTC Pension Managers Limited, Stanbic IBTC Asset Management Limited, Stanbic IBTC Capital Limited, Stanbic IBTC Insurance Limited, Stanbic IBTC Stockbrokers Limited, Stanbic IBTC Ventures Limited, Stanbic IBTC Insurance Brokers Limited and Stanbic IBTC Trustees Limited and two indirect subsidiaries, namely: Stanbic IBTC Bureau De Change Limited, Stanbic IBTC Nominees Limited.