Stanbic IBTC Records 21% Drop in Profit in FY2011 Results, Proposes 10k Dividend
Stanbic IBTC released its audited results today reporting a 21% drop in profits and a 10 kobo dividend. This is definitely not what its shareholders had in mind, however 2011 was all in all, a difficult economic environment.
The bank reported growth in headline earnings, up 18.9% to N 67.4 billion from N 56.7 billion in the previous year.
Interest and similar income was up 17.4% at N 40.3 billion from N 34.4 billion in the previous year.
Profit before tax shed 16.9% falling to N11.2 billion from N 13.5 billion in 2010.
Net Income was N 7.4 billion, down 21% from N 9.4 billion in the previous year.
The bank grew its loan books by 40% as Loans and Advances stand at N 230 billion, up from N 163 billion in 2010.
Deposits were also up to N292 billion, an increase of 56% from N 186 billion in 2010.
The bank proposed a dividend of 10 kobo.
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