Stanbic IBTC Holdings Records 31.54% Drop In Profit In 2021
Stanbic IBTC Holdings Plc, a leading financial services provider in Nigeria has released its consolidated and separate financial statements 31 December 2021with 31.54% drop in group profit after tax to N56.966 billion from N83.211 billion in 2020.
The Group’s gross earnings decreased by 12.22% to N205.792 billion from N234.446 billion, profit before tax decreased by 30.32%.
The directors’ recommended the approval of a final dividend of 200 kobo per share (31 December 2020: 360 kobo per share) for the year ended 31 December 2021.
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 ten 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, Stanbic IBTC Trustees Limited, Stanbic IBTC Financial Services Limited (formerly Stanbic IBTC Bureau De Change Limited) and one indirect subsidiary, namely: Stanbic IBTC Nominees Limited. Stanbic IBTC Financial Services Limited is yet to commence operations.
On 30th November 2021, Stanbic IBTC Bank PLC disposed Stanbic IBTC Financial Services Limited in its entirety to Stanbic IBTC Holdings PLC. The relinquishment of the investment in Stanbic IBTC Financial Services Limited ultimately resulted to Stanbic IBTC Holdings PLC assuming the role of the new Parent Company with a capital injection of N368 million deposit for shares.