Stanbic IBTC Holdings Plc board of directors of on Wednesday announced that the bank would be paying a 5.0 kobo dividend per share for the 2016 business, opting to share N500 million to shareholders out of net profit of N28.5 billion.

The audited report and accounts of Stanbic IBTC Holdings for the year ended December 31, 2016 showed improvements across key performance indicators.

Gross earnings rose from N140.03 billion in 2015 to N156.43 billion in 2016. Profit before tax rose from N23.65 billion to N37.21 billion. Profit after tax also improved from N18.9 billion to N28.5 billion.

The five kobo dividend appears to be the parting gift from the resigning chairman of the bank, Mr Atedo Peterside. Peterside, who founded the then Investment Banking & Trust Company (IBTC) in 1989 and was its pioneer chief executive, will be resigning as chairman of the board with effect from March 31, 2017.

Nigeria’s Stanbic IBTC Holdings Plc, recently announced major changes in the top management of the Nigerian subsidiary.

Yinka Sanni was named the chief executive of Stanbic IBTC Holdings Plc. He takes over from Sola David-Borha, former chief executive, who has been appointed chief executive, Rest of Africa, Standard Bank Group.

 

Dr. Demola Sogunle, who was until the latest appointment deputy chief executive of Stanbic IBTC Bank, has also been appointed chief executive, Stanbic IBTC Bank.

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