Stanbic IBTC Holdings Records N75 Billion Profit After Tax

Stanbic IBTC Holdings Plc recorded a profit after tax of N75.035 billion for the year ended December 31, 2019, showing a marginal growth over the N754.44 billion posted in the 2018.

According to the interim results, the bank recorded gross earnings of N233.808 billion in 2019, indicating a growth of 5.15 per cent compared to N222.4 billion in 2018. Improvement in gross earnings was boosted by an increase in interest income, which rose from N118.382 billion the previous year to N120.412 billion in 2019.

Non-interest revenue rose by six per cent, from N102.604 billion to N108.755 billion, while total income grew from N180.8 billion to N186.6 billion in 2019.

Profit before tax (PBT) rose from N88.15 billion for 2018 to N90.925 billion, just as PAT grew from N74.4 billion to N75.035 billion. The slower growth in PAT was due to higher tax paid in 2019 that stood at N15.9 billion, as against N13.7 billion in 2018.

Stanbic IBTC Bank is a member of Johannesburg-headquartered Standard Bank, itself Africa’s biggest lender by assets. With over 180 branches all over Nigeria, its operations cover personal and commercial banking.

The Chief Executive Officer of Stanbic IBTC Holdings Plc, Mr. Yinka Sanni, recently assured stakeholders that group remained strong, stable, sustainable in its operations and would continue to deliver long value.

“We remain committed to operating to the highest level of corporate governance standards while delivering sustainable long-term value to clients and other stakeholders through world-class innovative operations and our customercentric approach,” Sanni said.

He said that the group’s achievements were an indication that its strategy was delivering on set goals and objectives, assuring stakeholders that the organisation would continue to invest in its people, processes, and its communities to ensure business sustainability.

According to him, in 30 years, Stanbic IBTC has built a culture of excellence in providing its clients with innovative financial products and services as well as contributing to the attainment of the developmental aspirations of the country.

“Stanbic IBTC has grown steadily from its early days as a merchant bank to a leading end-to-end financial services provider in the countrytoday, with a balance sheet size close to N2 trillion and a market capitalisation valued at approximately N500 billion in December 2018,” Sanni said.

He explained that the bank, in a clear demonstration of its confidence in Nigeria, facilitated a staggering $589.84 million capital inflow into the country during the second quarter of this year.