Nigeria Content Online

Despite
the challenge of a domestic environment struggling with the impact of
the global financial meltdown, Stanbic IBTC Bank, a member of the
Standard Bank Group, declared a dividend of N5.63 billion for its
shareholders in the 2009 financial year.

At the bank’s 21st
annual general meeting in Abuja on Monday, shareholders unanimously
approved the dividend which translated to 30 kobo dividend per unit as
recommended by the board of directors. In his address to shareholders,
Atedo Peterside, chairman of the bank, described last year as the year
that witnessed the most turbulent developments in the Nigerian banking
sector since the ongoing reforms commenced in mid-2004.

“Our audited
results for 2009 and the recent reaffirmation of our Fitch AAA rating
significantly corroborate this statement,” he said, while noting that
as the Nigerian arm of Africa’s biggest bank, Stanbic IBTC remains a
leading operator in the marketplace. In the period under review, profit
before tax stood at N10.3 billion, while profit after tax was N8.1
billion. However, total net loans and advances went up by 17 per cent
to N119.9 billion as against N102.6 billion in 2008.

At the meeting,
Mohammed Wushishi, a retired army general, resigned as director of the
bank, while Alaibi Cookey formally joined the board. As at 31 December,
2009, the group had total assets of over US$183 billion, and market
capitalization of approximately US$22 billion.