Stanbic IBTC Holdings rode on the back of its impressive first half results to hit a trillion naira market capitalisation at the stock market.
Trading data at the Nigerian Exchange (NGX) analysed by Newsclick Nigeria showed that Stanbic IBTC Holdings, the holding group for Stanbic IBTC Bank and its former subsidiaries, opens trading today with market value above N1 trillion, making it one of the three most capitalised Banks in Nigeria. The other two most capitalised Banks are Guaranty Trust Holdings Company and Zenith Bank Plc.
Three other Tier 1 Banks – FBN Holdings, Access Corporation and United Bank for Africa were trading between N500 billion and N600 billion.
Stanbic IBTC Holdings Newsclick Nigeria report has seen steep rise in its share price, jumping to above N70 per share, the highest value range of any quoted financial institution.
Market analysts said the sustained rally in Stanbic IBTC might not be unconnected with the group’s operational performance.
Stanbic IBTC will on Wednesday, September 27 pay interim dividend of N1.50 per share to all shareholders, following impressive performance in first half 2023.
The N1.50 interim dividend, the highest by any financial institution, followed a double in the net earnings of the group in first half 2023. Earnings per share increased to N5.12 in first half 2023 as against N2.26 recorded same period of 2022.
Analysts at FSDH Group, who reviewed Stanbic IBTC’s group results for first half 2023, described the performance as “solid”.
