Stanbic IBTC’s non-perfoming loans dropped to 3.9 per cent in 2018
The Chairman of the bank, Basil Omiyi, while addressing shareholders during the bank’s yearly general meeting held in Lagos recently, said the group continued in its focus of creating more investment for shareholders during the year as the group’s total assets grew by 20 per cent to N277 billion from N1.386 billion in 2017.
Besides, the bank’s shareholders at the meeting approved a total dividend of N15.36 billion, culminating to N1.50 per share for the 2018 financial year.
According to Omiyi, the growth was due to improved performance across business segments.
“Major growth lines in total assets in 2018 are investment in financial securities (N83.36 billion), cash and cash equivalent (N54.43 billion), pledged assets (N99.30 billion) and loans and advances to customers (N60.63 billion),” he said.
Furthermore, he also attributed the growth across all indices to the bank’s commitment to excellence in corporate governance practice that enhances profitability in business in an ethical and sustainable manner.
He expressed optimism that with the bank’s innovative and customer –focused people; it would strive to deliver best in class services to its customers in the current financial year.
“We remain optimistic that in 2019,and beyond, we are well positioned to sustain the progress made so far as we will continue to leverage on our strength and seek innovative ways to deliver excellent services to all stakeholders,” he said.
The Group Chief Executive Officer, Yinka Sanni, also reassured that the bank’s NPL is still within the risk appetite of the company.
Sanni, speaking on why the group recorded an increase in penalties and fines, said the major reason was the N1.886 billion fine imposed on the bank by the Central Bank of Nigeria (CBN) for the irregular certificates of capital importation issued to MTN Nigeria Communications Plc between 2007 and 2015.
He added that the group had resolved the issues with the CBN and was hoping that a refund would be made afterwards, adding that the group was committed to ensuring higher investment proceeds for investors.
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