Stanbic IBTC half-year profit up 36% as non-interest revenue boosts earnings
Stanbic IBTC Holdings Plc reported a year-on-year increase of more than a third in its after-tax N30.7 billion year-on-year, according to its statements audited financials released on Tuesday.
The local unit of Africa's largest bank by assets, Johannesburg-based Standard Bank Group, saw a 45.2% improvement in gross revenue to 134, N9 billion, mostly from non-interest income.
Stanbic IBTC Holdings' share price opened at 28 naira per unit in Lagos on Wednesday, its lowest level in 52 weeks, but had already appreciated by 8.93% as of 10:39 WAT at light of the remarkable result, trading near the maximum upper limit of 10% allowed daily.
In a separate document, the board announced an interim dividend of 1.50 naira per share, half more than what it paid for the same period last year.
Net interest income jumped 53.1% to N50.4 billion, while non-interest income soared to N63 billion.
Trading income, which the financial services group earned from its investments in fixed income securities and currencies, nearly doubled to 16.5 billion naira.
ALSO READ: Stanbic IBTC Holdings to start fintech unit as profits plummetThrough its Stanbic pension subsidiary IBTC Pension Managers, the group controls the lion's share of the pension market in Nigeria. It is on track to set up a fintech unit, with approval expected from industry watchdogs.
Pre-tax profit for the reporting period was N40 billion, an improvement of more than three-fifths.
After-tax profit increased by 36% to N30.7 billion.
To cover bad loans, whose likelihood of repayment has been hampered by recurring defaults, Stanbic IBTC has set aside more than three times the amount it allocated for this purpose a year ago, raising concerns which independent auditor PricewaterhouseCoopers also noted in its report.
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Stanbic IBTC Holdings Plc reported a year-on-year increase of more than a third in its after-tax N30.7 billion year-on-year, according to its statements audited financials released on Tuesday.
The local unit of Africa's largest bank by assets, Johannesburg-based Standard Bank Group, saw a 45.2% improvement in gross revenue to 134, N9 billion, mostly from non-interest income.
Stanbic IBTC Holdings' share price opened at 28 naira per unit in Lagos on Wednesday, its lowest level in 52 weeks, but had already appreciated by 8.93% as of 10:39 WAT at light of the remarkable result, trading near the maximum upper limit of 10% allowed daily.
In a separate document, the board announced an interim dividend of 1.50 naira per share, half more than what it paid for the same period last year.
Net interest income jumped 53.1% to N50.4 billion, while non-interest income soared to N63 billion.
Trading income, which the financial services group earned from its investments in fixed income securities and currencies, nearly doubled to 16.5 billion naira.
ALSO READ: Stanbic IBTC Holdings to start fintech unit as profits plummetThrough its Stanbic pension subsidiary IBTC Pension Managers, the group controls the lion's share of the pension market in Nigeria. It is on track to set up a fintech unit, with approval expected from industry watchdogs.
Pre-tax profit for the reporting period was N40 billion, an improvement of more than three-fifths.
After-tax profit increased by 36% to N30.7 billion.
To cover bad loans, whose likelihood of repayment has been hampered by recurring defaults, Stanbic IBTC has set aside more than three times the amount it allocated for this purpose a year ago, raising concerns which independent auditor PricewaterhouseCoopers also noted in its report.
Support the integrity and credibility journalism of PREMIUM TIMES Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government. For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour. By contributing to PREMIUM TIMES, you help sustain relevant journalism and keep it free and accessible to everyone.Donate
[embedded content]TEXT ANNOUNCEMENT: Call Willie - +2348098788999
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