Stanbic IBTC records 86% growth in Q1 profit

Stanbic IBTC Holdings Plc, a member of Standard Bank Group, has announced a profit before tax of N29.169 billion in its six months audited results for the period ended June 30, 2017

The profit before tax increased by 86 percent from N15.682 billion last year.

The bank in the audited report submitted to the Nigerian Stock Exchange in Lagos also recorded gross earnings of N97.198 billion, representing an increase of 36.28 percent over the N71.320 billion in the corresponding period of last year.

Also, the bank’s profit after tax stood at N24.112 billion against N11.317 billion in the corresponding period of 2016, while total assets went up by 21 percent to N1.273 trillion from N1.053 trillion in December 2016.

Expressing delight at the result, Chief Executive Officer, Stanbic IBTC Holdings Plc, Yinka Sanni, said the domestic environment in the first half of 2017 recorded a decline in headline inflation, improved foreign exchange liquidity and a gradual economic expansion as measured by the purchasing managers’ index.

He 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 cost-to-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.”

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