Stanbic IBTC records NN36.2bn profit after tax in 6 months

Stanbic IBTC Holdings PLC, a member of the Standard Bank Group, has announced its mid-year audited results for the period ended June 30, 2019, as it recorded a profit of N36.2 billion after tax. The Group also announced an interim dividend of 100 kobo.

According to the Stanbic IBTC’s income statement, the Group recorded an increase in gross earnings to N117.4 billion, representing a 3% growth. The company also maintained its total operating income of N94 billion. Profit before tax stood at N44.7 billion, while profit after tax was N36.2 billion. Other results reflect an increase in non-interest revenue which stood at N54.9 billion while net-interest income was N39.3 billion. Stanbic IBTC’s balance sheet reflect that the Group’s total asset’s was N1,619.3 billion while the gross loans and advances was N479.7 billion, an increase in 5%, compared to last year’s figures. While customer deposits was N693.5 billion, there was an improvement in current-and-savings-accounts deposits mix which went up to 68.9%. Speaking at the formal announcement of the results at the Stanbic IBTC Holdings PLC Headquarters, Yinka Sanni, Chief Executive, Stanbic IBTC, stated that the Group’s business segments were profitable, despite the challenging business and regulatory environment.


Source: PM News