Shareholders of three major Nigerian banks, Zenith Bank Plc, Guaranty Trust Holding Company Plc (GTCO), and Stanbic IBTC Holdings Plc, are set to receive a substantial interim dividend totaling N86.74 billion for the first half of 2024. This marks a significant increase of 74% compared to the N49.85 billion distributed during the same period in 2023.
In the first half of 2024, these banks collectively reported a remarkable profit after tax of N1.6 trillion, nearly 150% higher than the N664 billion recorded in the previous year. Zenith Bank declared an interim dividend of N1.00 per share, amounting to N31.4 billion, while GTCO also offered N1.00 per share, totaling N29.43 billion. Stanbic IBTC increased its payout to N2.00 per share from N1.50, resulting in a total of N25.91 billion.
GTCO emerged as the most profitable bank, achieving a profit of N905.6 billion, a staggering 223% increase from last year’s figures. Zenith Bank followed with a profit of N578 billion, up 98% from H1 2023, while Stanbic IBTC reported a profit of N116.36 billion, reflecting a growth of 71%.
Despite facing challenges such as inflation and subdued demand, bank executives expressed optimism about future growth and their commitment to delivering value to shareholders. The Central Bank of Nigeria has also emphasized the resilience of Nigerian banks in supporting economic stability and growth.
This record dividend payout underscores the strong performance and profitability of these banks amid a challenging economic landscape in Nigeria.
