Shareholders of Zenith Bank, GTCO, and Stanbic IBTC to Share N86.74 Billion as Interim Dividend for H1 2024
Banking Finance

Shareholders of Zenith Bank, GTCO, and Stanbic IBTC to Share N86.74 Billion as Interim Dividend for H1 2024

Business Verge| Shareholders of Zenith Bank, GTCO, and Stanbic IBTC to Share N86.74 Billion as Interim Dividend for H1 2024

The shareholders of Zenith Bank Plc, Guaranty Trust Holding Company Plc (GTCO), and Stanbic IBTC Holding Plc are set to share N86.74 billion in interim dividends for the half year ending June 2024, reflecting a 74% increase from the N49.85 billion declared in the corresponding period of 2023.

These leading banks collectively generated a profit after tax of N1.6 trillion for the period, an impressive increase of nearly 150% from the N640.13 billion reported in H1 2023.

Dividend Breakdown

Zenith Bank rewarded its shareholders with an interim dividend of N1.00 per share in H1 2024, doubling the N0.50 per share payout from the previous year. This raised the bank’s total payout to N31.4 billion. 

Similarly, GTCO also declared an interim dividend of N1.00 per share, bringing its market value payout to N29.43 billion. 

Stanbic IBTC, on the other hand, increased its interim dividend to N2.00 per share in H1 2024 from N1.50 per share in H1 2023. This raised its total payout to N25.91 billion, marking a 33% increase from the N19.44 billion declared in the same period last year.

GTCO Emerges as Most Profitable Bank

GTCO led the three banks in profitability, reporting a profit of N905.6 billion for H1 2024. This represents a staggering 223% increase from the N280.48 billion reported in H1 2023. Commenting on this, the Group Chief Executive Officer of GTCO, Mr. Segun Agbaje, highlighted the bank’s resilience and adaptability despite challenging market conditions.

“We are immensely proud of the progress we have made as a leading financial holding company. Our performance in the first half of the year, where we recorded our highest profit to date, is a testament to the resilience and adaptability of our business model,” Agbaje said.

Performance of Zenith Bank and Stanbic IBTC

Zenith Bank reported a profit of N578 billion, representing a 98% increase from the N291.73 billion recorded in H1 2023. Stanbic IBTC also saw a significant profit boost, announcing N116.36 billion in profit, up 71% from N67.92 billion reported in H1 2023.

Dr. Demola Sogunle, the Chief Executive of Stanbic IBTC, attributed this performance to the bank’s ability to navigate challenging economic conditions. “Amidst inflationary pressure and subdued demand, the economy showed resilience, and we were able to deliver strong results,” he noted.

Shareholders’ Reactions

Boniface Okezie, National Coordinator of the Progressive Shareholders Association of Nigeria, expressed satisfaction with the performance of the three banks. He noted that Nigerian banks remain resilient despite the prevailing economic challenges.

The Central Bank of Nigeria’s (CBN) Governor, Yemi Cardoso, also commended the financial sector’s resilience, highlighting its role in achieving the government’s long-term economic goals. “Nigerian banks are fostering stronger, healthier institutions capable of withstanding economic shocks and supporting the federal government’s goal of achieving a $1 trillion GDP by 2030,” Cardoso remarked.

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