Weak gross earnings and hike in operating expenses eroded Stanbic IBTC Holdings Plc profit before tax by 53 per cent to N24.71billion in half year (H1) ended June 30, 2021 from N52.41billlion reported in prior half year ended June 30, 2020.
The audited results on the Nigerian Exchange Limited (NGX) on Monday also revealed 50.13 per cent drop in profit to N22.54billion in H1 2021 from N126.57billion.
The financial institution recorded decline in profits over decline in gross earnings that dropped by 26 per cent to N93.59billion in H1 2021 from N126.57billion in H1 2020.
Despite decline in profit, the management of Stanbic IBTC Holdings proposed an interim dividend of N1.00 per ordinary share of 50 kobo each, that is, N12.96 billion.
The group total assets followed the same pattern, dropping by 2.4 per cent to N2.43trillion as at June 30, 2021 from N2.49trillion reported in full year ended December 31, 2020.