FBN Holdings Plc has declared a total dividend of N17.948 billion for the financial year ending December 2022, equating to 50 kobo per ordinary share, as announced in a corporate action statement to the Nigerian Exchange Limited (NGX) on June 5, 2023.
The Board of Directors, under Section 426 of the Companies and Allied Matters Act (CAMA) 2020, recommended this dividend, an increase from N12.563 billion in 2021, with withholding tax to be deducted at payment.
Dividend Payment Details
Subject to shareholder approval, dividends will be paid electronically on August 16, 2023, to shareholders listed in the Register of Members as of August 8, 2023, who have completed e-dividend registration and authorized direct bank account payments.
Shareholders who have not completed e-dividend registration are urged to download the Registrar’s E-Dividend Mandate Activation Form from the Registrar’s website.
Those with unclaimed dividend warrants or share certificates are advised to complete e-dividend registration or contact the Registrar for validation.
Financial Performance
FBN Holdings’ audited financial statements for 2022 reported gross earnings of N805.128 billion, a 6.32% increase from N757.296 billion in 2021, driven by strong growth in interest income. Net interest income surged 59.15% to N363.249 billion from N228.242 billion.
However, profit before tax declined 5.26% to N157.902 billion from N166.662 billion, while operating expenses rose 23.35% to N218.481 billion from N177.130 billion.
Economic Context
Nigeria’s inflation rate climbed to 22.22% in April 2023 from 22.04% in March, with food inflation at 24.61%, according to the National Bureau of Statistics (NBS).
The year-on-year inflation rate was 5.40% higher than April 2022’s 16.82%, reflecting ongoing economic pressures impacting consumer purchasing power and corporate performance.
