For the fiscal year that concluded in December 2023, FBN Holdings Plc shareholders will receive a total dividend of N14.35 billion, or 40 kobo per share, as announced by the group.
THE MATRIX was able to collect this information from the company’s corporate action statement to the Nigerian Exchange Limited (NGX).
Additionally, the business just disclosed its 2023 full year results, which had been delayed for a while because of governmental requirements.
The holding company’s Board of Directors proposed a dividend of N14.358 billion, or 40 kobo for each ordinary share valued at 50 kobo.
This company also paid its shareholders 40 kobo dividend in 2022 suggesting there was no growth this year.
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FBNH closed the week at a share price of N20 which suggest the current dividend of 40kobo per share delivers a dividend yield of just 2%.
Other members of the FUGAZ stocks also declared much higher dividends with UBA, GTCO, Access Corporation and Zenith Bank declaring N2.8/share, N3.2/share, N2.1/share and N4/share respectively.
The surprisingly low demand may have also contributed to the falling share price of the stock which dropped 11% last week.
Company results
The group reported a profit after tax of N310.4 billion, a significant increase from the N136.3 billion reported for the same period in 2022. This marks the highest profit ever declared by the financial services giant in its more than 130-year history.
Read Also: FBNH Plan To Request Approval For N300 Billion Capital Raise
Net Interest Income rose to N548.9 billion, marking a 51% increase from N363.2 billion in the previous year.
The Impairment Charge surged by 231%, reaching N227.4 billion compared to N68.6 billion in 2022. Fees and Commissions increased by 64% to N193.1 billion, up from N117.6 billion.
The group’s Operating Profit grew by 127%, reaching N358 billion from N157.7 billion.
Earnings Per Share more than doubled, increasing by 129% to N8.59 from N3.75.
The company also released its 2024 first quarter results showing a pre-tax profit of N238.5 billion representing a 310% increase year on year.
