LAGOS, Sept 14 – Nigeria’s Stanbic IBTC Bank said on Thursday it will offer shareholders the option to receive scrip dividends in lieu of cash dividends over the next three years after it declared an interim dividend.
The bank declared a interim dividend of 0.60 naira for its half-year to June 30.
Meanwhile the mid-tier lender, in the second quarter of this year, facilitated a staggering $589.84 million capital inflow into the country, ranking it first among financial institutions that imported capital into Nigeria.
The Nigerian Bureau of Statistics (NBS), in its Capital Importation Q2 2017 Report, stated that Stanbic IBTC accounted for 32.91 percent ($589.84 million or N216.47 billion) of the total share during the period, representing an increase of 9.12 percent over the $536.78 million it posted in the first quarter of the year. That brings to $1.127 billion (N413.62 billion) capital importation by Stanbic IBTC in the first six months of the year.
The trio of Stanbic IBTC, Citibank Nigeria and Standard Chartered Bank accounted for 70.7 percent or $1,267.8 million of the total $1.792 billion capital importation during the quarter, while the other 22 banks generated the rest.
According to the report, Portfolio Investments was the key mover of capital during the quarter, growing by 145.7 percent, followed by Other Investments, which rose by 95.02 percent, and Foreign Direct Investment (FDI) by 29.8 percent over the first quarter. In figures, Portfolio Investment accounted for $770.5 million, or 43.0 percent of the total. In second place was Other Investments with $747.5 million, or 41.7 percent, and FDI with $274.4 or 15.3 percent.