Kayode Tokede
The shareholders of Zenith Bank Plc, Guaranty Trust Holding Company Plc, and Stanbic IBTC Holding Plc, are to share N86.74 billion as interim dividend for half year ended June 2024, an increase of 74per cent from N49.85 billion declared in half year ended June 2023.
The leading banks in the period generated N1.6trillion profit after tax, representing an increase of nearly 150 per cent from N6640.13billion reported in the corresponding period of 2023.
Zenith bank rewarded shareholders an interim dividend of N1.00 per share in H1 2024 from N0.50 per share, bring its payout by value to N31.4 billion, as shareholders of GTCO got the same N1.00 per share in H1 2024, with a market value of N29.43 billion.
In addition, the management of Stanbic IBTC Holding rewarded N2.00 per share in H1 2024 from N1.50 per share in H1 2023, to brings it total payout at N25.91 billion, a growth of 33per cent when compared to N19.44 billion in corresponding period of 2023.
THISDAY gathered that GTCO leads other banks as most profitable bank, when its profit hits N905.6 billion in H1 2024, about 223 per cent increase from N280.48billion reported in H1 2023.
Commenting on the results, the Group Chief Executive Officer, GTCO, Mr. Segun Agbaje, in a statement said, “We are immensely proud of the progress we have made as a leading financial holding company.
“Despite the uncertainties in the operating environment, 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.
“We remain optimistic about the future and are committed to leveraging our unique strengths as a thriving financial services ecosystem to create sustainable value for all our stakeholders as we continue to position all our business verticals–Banking, Funds Management, Pension, and Payments–for rapid growth across key markets.”
In the period under review, Zenith Bank declared N578 billion profit, an increase oof 98 per cent from N291.73billion in H1 2023, while Stanbic IBTC Holdings announced N116.36 billion profit in H1 2024, a growth of 71 per cent from N67.92 billion reported in H1 2023.
The Chief Executive Stanbic IBTC, Dr Demola Sogunle in a statement stated that “The operating environment in the first half of the year was challenging, evidenced by intensified inflationary pressure and subdued demand causing the Stanbic IBTC Bank Purchasing Manager Index (PMI) to drop to a seven-month low of 50.1 points in June 2024.
“The government also implemented policies to stabilise the economy and attract foreign investment. Amidst these diverse factors, the economy showed resilience.”
The National Coordinator, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie expressed satisfaction with the three banks H1 2024, stressing that Nigerian banks remain resilient amid challenges.
Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso had expressed that Nigerian banks are fostering stronger, healthier, and more resilient banks capable of withstanding economic shocks and supporting the federal government’s goal of achieving a $1 trillion gross domestic product (GDP) by 2030.
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