Stanbic IBTC records 66.7% drop in revenue from fees and commissions in Q3 2019

Stanbic IBTC, in its Q3 2019 financial statement for the 9 months period (9m) ended September 30, 2019, recorded a 66.68% drop in its earnings from fees and commissions.

The financial institute recorded a 4.36% increase in gross earnings within the period. Gross earnings increased from N168.8 billion in 2018 to N176.2 billion in 2019.

Profit before tax, however, had a marginal drop of 1.81% from N70.4 billion in 2018 to N69.1 billion in 2019.

Profit after tax also dropped by 7.04% to N55.6 billion in 2019 when compared to N59.8 billion in 2018.

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Earnings from fees and commissions took a dive of 66.68% to N18.8 billion in 2019 from N56.6 billion in the comparative period in 2018.

The company witnessed a drop of 2.44% in personnel expenses from N31.3 billion in 2018 to N30.6 billion in 2019.

Earnings per share also dropped by 10.47% from 573 kobo in 2018 to 513 kobo in 2019.

Stanbic IBTC closed at N37 during trading session on the floor of the Nigerian Stock Exchange (NSE). Year to date, the stock is down by 22.8%.

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