Stanbic IBTC announces N59bn earnings for Q1 2019

Stanbic IBTC Holdings PLC says its gross earning grew to 58.7 billion for the first quarter of 2019 compared to its earnings for 2018 in the period under review.

The unaudited financial results released to the Nigerian Stock Exchange (NSE) on Friday showed that the profit before tax stood at N23.5 billion while profit after tax was N19.2 billion.

According to a statement by the financial institution on Monday, liquidity ratio increased to 130.06% compared with the 110.68% achieved in December 2018 while while total assets decreased marginally by 5% to N1,579.5 billion as against N1,663.7 billion in December 2018.

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It stated that gross non-performing loans slightly improved to N17.5 billion compared to N17.7 billion in December 2018.

The statement quoted the Chief Executive, Stanbic IBTC Holdings PLC, Mr Yinka Sanni, saying, “The operating environment in the first quarter of this year was challenging evidenced by the slowdown in economic activities which were impacted by the socio-political environment leading to muted client activity. These factors affected the growth pace of our overall business volumes and earnings.’’

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