Zenith, GTB, Stanbic IBTC raise year-to-date dividends to N214bn
With the declaration of N2.45, N2.4 and 50k dividends per share by Zenith Bank, GTB and Stanbic IBTC respectively, total dividends declared year to date by companies listed on the Nigerian Stock Exchange (NSE) have risen to N213.75 billion, BusinessDay’s 2018 Dividend Monitor shows.
Announcing the results last week, Zenith Bank Plc, Nigeria’s largest bank by assets, made N745.2 billion gross earnings in 2017, representing 47 percent increase over N507.9 billion made in 2016. The N203.46 billion profit before tax in 2017 was 30 percent higher than N156.7 billion made in the previous year.
Profit after tax soared by 37 percent to N177.9 billion, compared with N129.6 billion realised in comparable period in 2016. The bank had earlier declared N0.25 per share interim dividend. This brings the total dividend paid by Zenith Bank to N2.70 in FY17 as against N2.02 total dividend paid in FY2016.
“If the proposed dividend is approved by the shareholders, the Bank will be liable to pay additional corporate tax estimated at N21.08 billion representing the difference between the tax liability calculated at 30% of the dividend approved and the tax charge reported in the statement of profit or loss and other comprehensive income for the year ended December 31, 2017”, Zenith Bank stated in its 2017 audited financial statement.
“On April 13, 2018, dividends will be paid electronically to shareholders whose names appear on the Register of Members as at April 3, 2018 and who have completed the e-divided registration and mandated the Registrar to pay their dividends directly into their bank accounts. GDR holders will be paid after the local payment date”, Zenith Bank stated in a note to the Exchange.
Similarly, the N2.40 final dividend per share declared Guaranty Trust Bank Plc takes its total dividend for 2017 financial year to N2.70 having earlier declared 30k per share as interim dividend.
Gross earnings witnessed a marginal increase to N419.2 billion in 2017 over N414.6 billion made in 2016. Profit before tax rose by 21 percent to N200.24 billion in FY17 in contrast to N165.1 billion by December 2016. Profit after tax was up 29 percent to N170.5 billion compared with N132.3 billion realised in FY16.
Expectedly, the bank committed more resources to corporate social responsibility in FY17 than the previous year.
“In order to identify with the aspirations of various sections of the society, the Group donated a total sum of N867, 113,525 (December 31 2016: N449, 616,533) as donations and charitable contributions during the year. It comprises contributions to Educational organizations, Art and Cultural organizations, and professional organizations amongst others”, GTB stated in its AFS 2017.
“On Tuesday April 10, 2018, divided will be paid electronically to shareholders whose names appear on the Register of Members as at Tuesday, March 27, 2018, who have completed the e-dividend registration and managed the Registrar to pay their dividends directly into their bank accounts’, GTB said in a note to the NSE.
Stanbic IBTC Holdings Plc will on Wednesday 20 June 2018 pay dividends to shareholders whose names appear on the Register of Members as at the close of business on Wednesday March 28, 2018, who have completed the e-dividend and equally instructed their registrar to pay such dividends into their bank accounts. For declaring 50k final dividend per share, total dividend payable by Stanbic IBTC amounts to N5.024 billion.
Gross earnings for the financial year ended December 31, 2017 rose by 36 percent to N212.4 billion from N156.4 billion in 2016. Profit before tax was up 64 percent to N61.1 billion in 2017 from N37.2 billion in the previous year. Profit after tax rose a record 70 percent to N48.4 billion up from N28.5 billion.
Stanbic IBTC donated N436.6 million to different organisations in Nigeria through its corporate social responsibility projects in 2017, representing 206 percent increase over N142.8 million spent on CSR in 2016.
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