Stanbic IBTC Grows Nine Months Gross Profit by 78% to N46Billion

Stanbic IBTC Holdings Plc, a member of Standard Bank Group, has recorded a growth of 77.7 per cent growth in profit before tax (PBT) for the nine months ended September 30, 2017.

The PBT stood at N45.65 billion up from N25.688 billion in the corresponding period of 2016, while profit after tax (PAT) grew faster by 86.9 per cent to N37.672 billion, compared with N20.152 billion in 2016.The profit was recorded from gross earnings of N154.22 billion, which is higher than the N114.622 billion in 2016.

Net interest income grew by 61 per cent to N62.947 billion compared to N39.089 billion last year, while non-interest revenue went rose to N64.280 billion, a 22 per cent increase from N52.895 billion in 2016. Total assets rose to N1.417 trillion from N1.053 trillion in December 2016.

The nine months performance follows a similar path recorded during the first half of the year ended 30 June 2017, as gross earnings increased by 36.28 percent to N97.198 billion, from the N71.320 billion recorded in the corresponding period of 2016. Profit before tax increased by 86 percent to N29.169 billion, from N15.682 billion last year, while profit after tax at N24.112 billion was a growth of 113 percent compared to N11.317 billion in the corresponding period of 2016. Total assets went up by 21 percent to N1.273 trillion from N1.053 trillion in December 2016.

Commenting on the six months results, Chief Executive, Stanbic IBTC Holdings Plc, Mr. Yinka Sanni, had noted , “Stanbic IBTC’s progress over the first half year was impressive in many areas and in particular, we are delighted with our ranking following the latest release of KPMG Banking Industry Customer Satisfaction Survey, which showed our retail banking business improving in ranking from the 4th position to the 3rd position and our corporate banking business improving from the 10th position to the 4th position. This is well-aligned with our strategy to drive customer centricity.”

He added, “The group will continue to explore opportunities to grow our business and market share responsibly through the adoption of an appropriate risk appetite and excellent service delivery.”

On his projections for the last quarter, Sanni expressed optimism that “we should be able to sustain our positive performance for the rest of the year 2017.”

According to him, financial institution will focus on cost efficiency, improving risk asset quality, improving low-cost deposits and further strengthening of corporate governance.