Shareholders of Stanbic IBTC Holdings Plc have approved the bank’s total dividend, culminating to per share due to every investor of the bank for the 2017 financial year. The shareholders also lauded the bank for the improved performance recorded during the year under review and adherence to corporate governance principles.Specifically, the President of Pragmatic Shareholders Association of Nigeria, Mrs Bisi Bakare commended the management for the impressive performance and efficient running of the company, amid harsh economic environment.

She, however urged the bank to ensure consistency in divided policy to increase shareholders’ value on investment.Reviewing its performance at the bank’s 2017 yearly general meeting held in Lagos recently, the Chairman of the bank, Basil Omiyi explained that the bank recorded 36 percent rise in gross earnings to N212.4 billion from N156.4 billion achieved in the corresponding period in 2016.

Similarly, the bank’s PAT stood at N48.4 billion, representing a growth of 70 per cent over N28.5 billion recorded in 2016, while profit before tax grew by 64 percent from N37.2 billion to N61.2 billion recorded during the period under review.

According to him, total assets increased to N1.386.4 trillion last year, a 32 percent boost compared to the N1.053.5 trillion recorded in December 2016.He said  the growth in the balance sheet size was driven mainly by customer deposits, which recorded a growth of 34 percent to N753.6 billion in 2017 from N561.0 billion in 2016.Gross loans and advances also rose by eight percent to N403.9 billion, compared to N375.3 billion recorded in December 2016.

The group’s total capital adequacy ratio of the bank closed at 23.5 percent, which is significantly higher than the 10 percent minimum regulatory requirement while liquidity ratio during the year further improved to 115.4 percent at the end of the year.

Omiyi added that the bank’s liquidity ratio also increased to 102.3 percent (2016: 59.1 per cent). This is above the regulatory minimum requirement of 30 percent and indicates the Group’s sound position to continue meeting its liquidity obligations in a timely manner.The Chief Executive of the bank, Yinka Sanni, said  the improved performance was evidence of the positive outcome of the group’s strategy of growing the client base across target and key market segments while maintaining a principled credit process.

“The Group reported its best profitability results since inception. We achieved a 70 per cent growth in profit after tax amid healthy capital and liquidity levels. Our balance sheet grew by 32 per cent to N1.39 trillion and this was funded mainly by customer deposit growth of 34 per cent,” Sanni stated.He noted that the various business divisions achieved strong operating results as well as retained market leadership across the various businesses such as global markets, investment banking, pension, stockbroking, asset management, and custodial services, with several accolades received during the year.

“Furthermore, Fitch retained our AAA national ratings, which reaffirms our strong fundamentals, stability, credit worthiness and low relative risk in the Nigerian financial markets,” he added.Going forward, Sanni said the group remains optimistic that it will sustain the improved financial performance in 2018 and beyond.

“While we are encouraged by the impressive results, we remain focused on improving risk asset quality, managing our cost base, maintaining our capital strength and increasing our returns to shareholders. We are positive that the Group will benefit from a more stable macroeconomic environment to drive growth in lending and other business activities.”