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Stanbic IBTC generates N207.4bn in nine months of 2022, net profit rises 38%

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Stanbic IBTC financial statements for the nine months period of 2022 showed that the lender grew its revenue by 41 per cent, with its profit after tax rising by 38 per cent.

The earnings report disclosed that the company generated N207.4 billion between January to September this year, surpassing the N146.6 billion grossed a year before.

Similarly, Stanbic IBTC’s Net Interest Income rose in the period under review, netting N79.66 billion, which is a 48 per cent rise when compared to the N54 billion posted in nine months 2021.

Also, the commercial bank was able to grow the total operating income to N174.06 billion year-to-September 2022, in contrast to the N123.25 billion Stanbic IBTC recorded the year before, indicating a 41 per cent growth.

For the net profit, the financials disclosed that profit after tax was up by 38 per cent, closing the period in review with N55.19 billion, against the N39.95 billion reported as PAT between January to September last year.

Read also:Stanbic IBTC urges women to engage in wealth building investments

Commenting on the results, Chief Executive of Stanbic IBTC, Demola Sogunle, said, “We continue to witness growth in our client franchise and key income lines. The Group’s profitability increased by 57% QoQ, largely attributable to impressive growth in net interest income and other revenue sources.

“This was supported by lower credit impairment charges and operating expenses when compared with the second quarter. The uplift in net interest income resulted from increase in the volume and yield on risk assets as we sustained our loan growth performance.

“In addition, trading revenue grew by 47% QoQ following the increase in trading activities during the third quarter. Sustained focus on cost optimisation led to 8% QoQ decline in our operating expenses. As such, our cost-to income ratio improved to 56.1% from 59.9% in the first half of the year, and 64.3% in the prior year.”

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