Shareholders of Stanbic IBTC Holdings on Tuesday advised the management of the firm to cut down its overhead cost in view of economic realities to enhance dividend payout.
The shareholders made the demand at the 2015 Annual General Meeting (AGM) of the company in Lagos.
Mr Nonah Awo, a shareholder, said the company should trim down its operating costs and reduce the unclaimed dividend figure.
Awo said the company needed to improve on its deposit drive by extending its tentacles to various parts of the country.
Mr Sunny Nwosu, the National Coordinatorm Emeritus, Independent Shareholders Association of Nigeria (ISAN) also urged the company to be mindful of fines and penalties imposed on it.
Nwosu said that some of the penalties imposed on the company in 2015 were avoidable.
Mr Boniface Okezie, the National Chairman, Progressive Shareholders Association of Nigeria (PSAN), commended the firm’s financial performance in the period under review in spite of the challenging environment.
Okezie said that the board kept the faith alive in spite of its misunderstanding with the Financial Reporting Council (FRC) over financial misstatements.
The Chairman of the firm, Mr Atedo Peterside, assured the shareholders that the 2016 audited results would be released in few weeks from now.
Peterside said the 2015 results were delayed due to its face off with the FRC on alleged financial misstatements.
The chairman promised the company would continue to leverage on its core strength to ensure good returns and better investment solutions in the years ahead.
The News Agency of Nigeria (NAN) reports that the shareholders also endorsed the firm’s total dividend of N500 million declared for the financial year ended Dec.31, 2015.
The dividend translated to 5k per share, bringing the total dividend to 95k having paid 90k interim dividend during the period under review.
The company, in the period posted gross earnings of N140 billion against N130.7 billion achieved in the preceding year, an increase of seven per cent.
The increase is largely to be due to increase in interest income, fees and commission revenue.
The group’s net interest income, however, fell by six per cent to N43.9 billion from N46.7 billion in 2014.
The group’s profit after tax also decrease by 45 per cent to N18.9 billion in contrast to the N34.5 billion earned in 2014. (NAN)