Stanbic IBTC declares N44.7bn mid-year profit

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.

The Group also announced an interim dividend of 100 kobo per share.

According to the audited report released on Thursday, the group’s 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.

The group also recorded an increase in gross earnings to N117.4 billion, representing a 3% growth while the total operating income was maintained at N94 billion.

The report further stated, that “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.

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“While customer deposits was N693.5 billion, there was an improvement in current-and-savings-accounts deposits mix which went up to 68.9%.”

The report also quoted the company’s Chief Executive, Yinka Sanni, saying that the Group’s business segments were profitable, despite the challenging business and regulatory environment.

He said: “Our financial results in the first half of 2019 reflected similar trends encountered in the first quarter. The operating environment remained muted, regulatory changes coupled with the highly competitive landscape continued to impact overall returns. Still, our diversified business model continues to set us apart. Our business segments remained profitable and resilient although at a slower pace when compared to prior year.”

Sanni disclosed that there has been a return to growth in the second quarter, mainly from the communication and oil and gas sectors. He further added that the gross non-performing loan to total loan ratio which was 3.91%, was within acceptable regulatory limits.

Speaking on other areas of the mid-year results in which the Group experienced growth, he noted that assets under custody rose to N7 trillion (representing a 42% growth) while assets under management grew by 8% to N3.5 trillion.

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