STANBIC IBTC HOLDINGS PLC STANBIC IBTC HOLDINGS PLC
CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD
ENDED 30 JUNE 2023
I.B.T.C. Place Walter Carrington Crescent / P.O. Box 71707 Victoria Island Lagos Nigeria
Telephone: +234-1- 4227000. +234-1- 4488900 Facsimile: 234-1- 2806998 www.stanbicibtc.com
Stanbic IBTC Holdings PLC RC 1018051
Directors: Basil Omiyi CON (Chairman) Demola Sogunle (Chief Executive) Kunle Adedeji (Executive) F. Ajogwu (SAN) S. David-Borha I. L. Esiri B. Manu N. Nwuneli B. Omotowa Y. Sanni S. Suleiman N. Uwaje
STANBIC IBTC HOLDINGS PLC
CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2023
Table of contents | Page |
Directors' report | i-v |
Statement of Directors' responsibilities in relation to the financial statements | vi |
Corporate governance report | vii-xxii |
Certification by Chief Executive and Chief Financial Officer | xxiii |
Report of the audit committee | xxiv |
Independent auditor's report | xxv |
Consolidated and separate statements of financial position | 1 |
Consolidated and separate statements of profit or loss | 2 |
Consolidated and separate statements of other comprehensive income | 3 |
Consolidated and separate statements of changes in equity | 4 -5 |
Consolidated and separate statements of cash flows | 6 |
Notes to the consolidated and separate financial statements | 7-127 |
Income statement for the three month and six month period ended 30 June 2023 | 128 |
Value added statement | Appendix A |
Five year financial summary | Appendix B |
Details of professionals who provided services to the financial statements | Appendix C |
STANBIC IBTC HOLDINGS PLC
Directors' report
For the six month period ended 30 June 2023
The Directors present their interim report on the affairs of Stanbic IBTC Holdings PLC ("the Company") and its subsidiaries (together "the Group"), together with the consolidated and separate financial statements and auditor's report for the six months period ended 30 June 2023.
a. Legal form
The company was incorporated in Nigeria under the Companies & Allied Matters Act (CAMA) as a public limited liability company on 14 March 2012. The company's shares were listed on 23 November 2012 on the floor of The Nigerian Stock Exchange (NGX).
b. Principal activity and business review
The principal activity of the company is to carry on business as a financial holding company, to invest and hold controlling shares, in as well as manage equity in its subsidiary companies.
The company has ten direct subsidiaries, namely: Stanbic IBTC Bank PLC, Stanbic IBTC Pension Managers Limited, Stanbic IBTC Asset Management Limited, Stanbic IBTC Capital Limited, Stanbic IBTC Insurance Limited, Stanbic IBTC Stockbrokers Limited, Stanbic IBTC Ventures Limited, Stanbic IBTC Insurance Brokers Limited, Stanbic IBTC Trustees Limited, Stanbic IBTC Financial Services Limited and one indirect subsidiary, namely: Stanbic IBTC Nominees Limited.
The Company prepares consolidated financial statements, which includes separate financial statements of the Company.
c. Operating results and dividends
The Group's gross earnings increased by 58.18%, profit before tax increased by 107.58% and profit after tax increased by 121.46% for the period ended 30 June 2023. The directors' recommended the approval of an interim dividend of 150 kobo per share (30 June 2022: 150 kobo per share) for the period ended 30 June 2023.
Highlights of the Group's and company's operating results for the period under review are as follows:
30 Jun. 2023 | 30 Jun. 2022 | 30 Jun. 2023 | 30 Jun. 2022 | ||||
Group | Group | Company | Company | ||||
N'million | N'million | N'million | N'million | ||||
Gross earnings | 213,334 | 134,870 | 34,834 | 33,952 | |||
Profit before tax | 82,985 | 39,978 | 29,968 | 31,524 | |||
Income tax | (15,066) | (9,309) | (25) | (5) | |||
Profit after tax | 67,919 | 30,669 | 29,943 | 31,519 | |||
Non controlling interest | (1,606) | (1,371) | - | - | |||
Profit attributable to equity holders of the parent | 66,313 | 29,298 | 29,943 | 31,519 | |||
Interim dividend proposed/(paid) | 19,436 | 19,436 | 19,436 | 19,436 |
i
STANBIC IBTC HOLDINGS PLC
Directors' report
For the six month period ended 30 June 2023
d. Directors interest in contracts
The Company currently has some Technical and Management Service Agreements with its subsidiaries, which covers the provision of shared services to the subsidiaries in line with CBN Regulation for Holding Companies. These services are provided at arm's length and appropriate fees charged in line with best practice.
e. Property and equipment
Information relating to changes in property and equipment is given in Note 17 to the financial statements. In the Directors' opinion the disclosures regarding the Group's properties are in line with the related statement of accounting policy of the Group.
ii
STANBIC IBTC HOLDINGS PLC
Directors' report
For the six month period ended 30 June 2023
f. Shareholding analysis | |||||
The shareholding pattern of the company as at 30 June 2023 is as stated below: | |||||
Percentage of | |||||
Share range | No. of shareholders | shareholders | No. of holding | Percentage holdings | |
1 | - 1,000 | 39,975 | 42.28 | 23,220,429 | 0.18 |
1,001 | - 5,000 | 35,641 | 37.70 | 82,384,070 | 0.64 |
5,001 | - 10,000 | 9,041 | 9.56 | 62,908,974 | 0.49 |
10,001 | - 50,000 | 7,637 | 8.08 | 158,589,004 | 1.25 |
50,001 | - 100,000 | 1,112 | 1.18 | 77,267,530 | 0.62 |
100,001 | - 500,000 | 863 | 0.91 | 172,089,316 | 1.43 |
500,001 | - 1,000,000 | 111 | 0.12 | 76,190,548 | 0.70 |
1,000,001 | - 5,000,000 | 97 | 0.10 | 208,476,721 | 1.91 |
5,000,001 | - 10,000,000 | 16 | 0.02 | 116,361,599 | 0.86 |
10,000,001 | - 50,000,000 | 37 | 0.04 | 808,518,966 | 5.86 |
50,000,001 | - 100,000,000 | 13 | 0.01 | 981,760,138 | 7.37 |
100,000,001 | - 12,956,997,163 | 8 | 0.01 | 10,189,229,868 | 78.71 |
Grand Total | 94,551 | 100 | 12,956,997,163 | 100 | |
Foreign shareholders | 216 | 8,876,440,618 | 68.51% |
g. Substantial interest in shares
According to the register of members as at 30 June 2023, no shareholder held more than 5% of the issued share capital of the company except the following: - Stanbic Africa Holdings Limited (SAHL) 67.55%
Free Float Analysis | |||||
Share Price as at end of reporting period: N54 (June 2022: N33.55) | |||||
Jun-23 | Jun-22 | ||||
Units | Percentage (In relation to | Units Percentage (In relation to | |||
Issued Share Capital) | Issued Share Capital) | ||||
Issued Share Capital | 12,956,997,163 | 100.00% | 12,956,997,163 | 100.00% | |
DETAILS OF SUBSTANTIAL SHAREHOLDINGS (5% AND ABOVE) | |||||
Jun-23 | Jun-22 | ||||
No of shares held | Percentage shareholding | No of shares held | Percentage shareholding | ||
Shareholder | |||||
Stanbic Africa Holdings Limited (SAHL) | 8,752,863,865 | 67.55% | 8,747,863,865 | 67.51% | |
Total Substantial Shareholdings | 8,752,863,865 | 67.55% | 8,747,863,865 | 67.51% | |
DETAILS OF DIRECTORS SHAREHOLDINGS (DIRECT & INDIRECT), EXCLUDING DIRECTORS HOLDING SUBSTANTIAL INTERESTS | |||||
Jun-23 | Jun-22 | ||||
No of shares held | Percentage shareholding | No of shares held | Percentage shareholding | ||
Directors | |||||
40,385,894 (Direct) | 40,385,894 (Direct) | ||||
Ifeoma Esiri | 3,111,115 (Indirect) | 0.31% + 0.02% | 3,111,115 (Indirect) | 0.31% + 0.02% | |
Ngozi Edozien | 21,656 | 0.00% | 21,656 | 0.00% | |
Ballama Manu | 519,464 | 0.00% | 189,977 | 0.00% | |
Yinka Sanni (SITL THE SANNI FAMILY TRUST) | 10,000,000 (Indirect) | 0.08% 5,950,000 (Indirect) | 0.05% | ||
Demola Sogunle | 4,939,057 (Indirect) | 0.03% | 3,417,940 (Indirect) | 0.03% | |
Kunle Adedeji | 116,666 (Direct) | 0.00% | 116,666 (Direct) | 0.00% | |
Sola David-Borha | 615,812 | 0.01% | 615,812 | 0.01% | |
Total Directors' Shareholdings | 59,688,008 | 0.37% | 53,787,404 | 0.41% | |
DETAILS OF OTHER INFLUENTIAL SHAREHOLDINGS, IF ANY (E.G. GOVERNMENT, PROMOTERS) | |||||
No of shares held | Percentage shareholding | No of shares held | Percentage shareholding | ||
Directors | |||||
SITL THE FIRST ANAP DOMESTIC TRUST | 150,000,000 | 1.16% | 150,000,000 | 1.16% | |
Total of Other Influential Shareholdings | 150,000,000 | 1.16% | 150,000,000 | 1.16% | |
Free Float in Unit and Percentage | 3,994,445,290 | 30.84% | 4,005,345,894 | 30.92% | |
Free Float in Value | NGN 215,700,045,660.00 | NGN 133,978,820,154.00 |
Stanbic IBTC Holdings PLC with a free float percentage of 30.84% as at 30 June 2023 (June 2022: 30.92%), is compliant with The Exchange's free float requirements for companies listed on the Main Board.
Stanbic IBTC Holdings PLC with a free float value of NGN 215,700,045,660.00 as at 30 June 2023 (June 2022: NGN 133,978,820,154.00) is compliant with The Exchange's free float requirements for companies listed on the Main Board.
h. Share capital history | |||||||
Year | Issued and fully paid up | Number of shares (Issued and fully paid up) | |||||
(N'000) | '000 | ||||||
Increase | Cumulative | Increase | Cumulative | ||||
2012 | 5,000,000 | 5,000,000 | 10,000,000 | 10,000,000 | |||
2015 | - | 5,000,000 | - | 10,000,000 | |||
2017 | 24,733 | 5,024,733 | 49,466 | 10,049,466 | |||
2018 | 32,104 | 5,056,837 | 64,208 | 10,113,674 | |||
2018 | 63,439 | 5,120,276 | 126,878 | 10,240,552 | |||
2019 | 116,450 | 5,236,726 | 232,900 | 10,473,452 | |||
2019 | 15,758 | 5,252,484 | 31,516 | 10,504,968 | |||
2020 | 300,515 | 5,552,999 | 601,030 | 11,105,998 | |||
2021 | - | 5,552,999 | 1,851,000 | 12,956,998 | |||
i. Dividend history and unclaimed dividend as at 30 June 2023 | |||||||
Net dividend amount | |||||||
unclaimed as at 30 June | |||||||
Period | Total dividend | 2023 | Percentage | ||||
end | Dividend type | amount declared* | Dividend per share | unclaimed | |||
N | N | % | |||||
2005 | Final | 2,170,298,271 | 20 kobo | 3,693,332 | 0.17 | ||
2006 | Final | 2,170,297,800 | 20 kobo | 48,152,001 | 2.22 | ||
2007 | Interim | 3,375,000,000 | 30 kobo | 612,284 | 0.02 | ||
2007 | Final | 4,218,750,000 | 25 kobo | 3,150,000 | 0.07 | ||
2008 | Final | 6,750,000,000 | 40 kobo | 236,320,519 | 3.50 | ||
2009 | Final | 5,062,500,000 | 30 kobo | 247,711,548 | 4.89 | ||
2010 | Final | 3,240,215,108 | 39 kobo | 176,530,928 | 5.45 | ||
2011 | Interim | 1,687,500,000 | 10 kobo | 21,456,051 | 1.27 | ||
2012 | Final | 900,570,889 | 10 kobo | 15,238,800 | 1.69 | ||
2013 | Interim | 6,304,041,033 | 70 kobo | 127,289,795 | 2.02 | ||
2013 | Final | 901,992,337 | 10 kobo | 19,431,499 | 2.15 | ||
2014 | Interim | 9,920,077,516 | 110 kobo | 211,378,704 | 2.13 | ||
2014 | Final | 1,352,701,559 | 15 kobo | 29,734,002 | 2.20 | ||
2015 | Interim | 8,235,882,607 | 90 kobo | 190,766,189 | 2.32 | ||
2015 | Final | 210,646,919 | 5 kobo | 12,150,964 | 5.77 | ||
2016 | Final | 210,646,919 | 6 kobo | 12,332,463 | 5.85 | ||
2017 | Interim | 1,494,304,738 | 60 kobo | 140,784,951 | 9.42 | ||
2017 | Final | 1,712,614,735 | 50 kobo | 150,463,472 | 8.79 | ||
2018 | Interim | 2,767,915,163 | 100 kobo | 295,489,705 | 10.68 | ||
2018 | Final | 3,827,994,326 | 150 kobo | 453,374,720 | 11.84 | ||
2019 | Interim | 2,197,589,117 | 100 kobo | 299,494,561 | 13.63 | ||
2019 | Final | 4,355,729,540 | 200 kobo | 599,084,606 | 13.75 | ||
2020 | Interim | 1,318,592,879 | 40 kobo | 115,769,383 | 8.78 | ||
2020 | Final | 11,866,653,152 | 360 kobo | 1,077,282,547 | 9.08 | ||
2021 | Interim | 3,836,172,701 | 100 kobo | 346,850,071 | 9.04 | ||
2021 | Final** | 7,576,439,936 | 200 kobo | 687,570,345 | 9.08 | ||
2022 | Interim** | 6,313,700,595 | 150 kobo | 515,027,031 | |||
2022 | Final** | 7,655,714,470 | 200 kobo | 708,592,834 | |||
Total | 6,745,733,306 |
*Amount represent cash dividend paid to third parties less of withholding tax
**These amount has not been returned to the company as unclaimed as at end of the period.
iii
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Stanbic IBTC Bank plc published this content on 29 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 August 2023 12:13:59 UTC.
