Stanbic IBTC Group Reports 113 % Growth in Profit to N24bn

Stanbic IBTC Holdings Plc, a member of Standard Bank Group, yesterday announced its audited results for the six months ended 30 June 2017, showing impressive growth.

Gross earnings rose by 36 per cent to N97.198 billion in 2017, from the N71.320 billion recorded in the corresponding period of 2016.Net interest income jumped by 79 per cent from N22.8 billon to N41 billion. Credit impairment charges stood at N14 billion, showing an increase of 65 per cent compared with N8.5 billion in 2016. However, profit before tax (PBT) increased by 86 per cent to N29.169 billion during the period, from N15.682 billion last year, while profit after tax (PAT) grew faster, rising by 113 per cent from N11.317 billion to N24.112 billion.

Total assets went up by 21 per cent to N1.273 trillion from N1.053 trillion in December 2016.

Commenting on the results, Chief Executive Officer, Stanbic IBTC Holdings Plc, Yinka Sanni, said: “Income before impairment charges grew by 43 percent, driven by a sustained growth in yields from investment securities and trading activities.

Interest income increased by 55 per cent and trading revenue grew by 81percent positively impacting PAT, which increased by 113 per cent year-on-year. The balance sheet grew by 21 per cent year-to-date as trading assets and financial investments increased by over 100 per cent and 19 per cent respectively. Our costto-income ratio continued to witness improvement, standing at 47.0 per cent at the end of H1 2017 when compared with 57.7 per cent in H1 2016. The growth in non-performing loan ratio is on account of some newly classified loans in line with economic realities. We are optimistic that this would moderate towards the end of 2017.”