Stanbic IBTC Holdings Grows Profit After Tax By 54%

Stanbic IBTC Holdings Plc has grew profit after tax by 54 per cent in its audited financial results for the year ended December 31, 2018. Also, the board proposed a final dividend of N1.50 per share to its shareholders for the year 2018. The results, which was released to the Nigerian Stock Exchange (NSE), yesterday, showed the group grew its topline earnings for the financial year to N222.4 billion, compared with the N212.4 billion it achieved in the same period of 2017. Bottomline grew by 54 per cent as profit after tax moved up to N74.4 billion compared with the N48.4 billion achieved in December 2017.

The group’s total assets grew by 20 per cent to N1.66 trillion compared with the N1.39 trillion in December 2017. Customer deposit grew by seven per cent to N807.7 billion from N753.6 billion in the corresponding year. Of note was the company’s ability to reduce its toxic assets appreciably. The gross non-performing loans decreased by 50 per cent to N17.7 billion compared with N35.3 billion in 2017. This decrease impacted positively the gross non-performing loan to total loan ratio, which improved to 3.9 per cent, well below the regulatory mark of five per cent, as against the 8.6 per cent recorded in 2017.

Mr. Yinka Sanni, Chief Executive, Stanbic IBTC Holdings, said the balance sheet size was impacted by “growth in risk assets and financial investment portfolio,” a reflection of investment expertise and quality management, which saw its non-interest revenue rose by 15 per cent to N102.6 billion from N89.2 billion in 2017. According to Sanni, strong growth in fees and commission income as well as write-backs, which resulted from recoveries made on previously written off loans and reversals on some non-performing loan, contributed to the strong showing. Stanbic IBTC said performances across its three divisions, Corporate and Investment Banking, Wealth Management businesses, and Personal & Business Banking, were strong and contributed to the turnover.

He further  assured “as a financial institution we will continue to leverage on our universal financial services capability, unrelenting focus on cost control, digitization and client centricity to ensure that we continue to grow our capacity to provide incomparable high quality end-to-end financial solutions to our customers in a sustainable manner.” Stanbic IBTC Holdings Plc, member of Standard Bank Group, is a full service financial services group with a clear focus on three main business pillars, Corporate and Investment Banking, Personal and Business Banking and Wealth Management.