H1 2024: Stanbic IBTC Holdings Reports N116.4bn Profit 

Kayode Tokede

Stanbic IBTC Holdings Plc, yesterday announced its audited half year ended June 2024 result and accounts to investing public, reporting N116.4 billion profit after tax, about 71.3per cent increase from N67.92 billion reported in half year ended June 2023.

The Group’s in its profit & loss figures posted on the Nigerian Exchange Limited (NGX) declared N147 billion profit before tax in H1 2024, about 77 per   cent increase from N82.99 billion reported in H1 2023. 

Amid significant increase in profit, the management of Stanbic IBTC Holdings announced an interim dividend of N2.00 per ordinary share of 50 kobo each, that is, N25.9 billion.

The group’s gross earnings rise to N378.55 billion in H1 2024, representing a 77.44 per cent increase from the N213.33 billion gross earnings posted in H1 2023.

From the profit & loss figures, net interest income of Stanbic IBTC Holdings stood at N174.3 billion in H1 2024, about 140 per cent increase from N72.68billion reported in H1 2023, driven by interest income and expenses.

In the period under review., its interest income stood at N246.13billion, 123 per cent growth from N110.26billion in corresponding period, while interest expenses moved from N37.6 billion in H1 2023, representing an increase of 91.2 per cent from N71.83 billion declared in H1 2024. 

From the balance sheet position, the group declared N6.1 trillion total assets as of June 2024, about 19per cent increase from N5.15 trillion reported in 2023 full financial year.

The growth in total assets is driven by N2.17 trillion loans and advances as of June 2024, about 6.5 per cent increase from N2.04 trillion reported in 2023 and N2.89 trillion deposits from customers as of June 30, 2024, representing an increase of nearly six per cent from N2.7 trillion reported in 2023 full financial year.

The Group in 2023 financial year had announced profit before tax of N172.91 billion, up 72per cent from N100.27 billion reported in 2022, while profit after tax was at N140.62 billion, an increase of 74per cent from N80.73 billion in 2022 financial year.

While commenting on the 2023 FY results, Chief Executive, Stanbic IBTC, Dr Demola Sogunle in a statement said, ““Our strategic theme for 2023 was “Accelerating Growth”, and notwithstanding the trends in the Nigerian operating environment, we were able to record remarkable progress in our key focus areas.

“We recorded increase in profitability, growth in assets under management (AuM) while our loans and advances and customer deposits also grew during the year, showing growth in clients franchise and our ability to support our customers in meeting their financial needs.”

“Looking ahead, our vision for 2024 is one of continued innovation, growth, and unwavering commitment to our clients and stakeholders”.