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Stanbic IBTC Reports 70% Increase In Profit After Tax In 2017

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Stanbic IBTC Holdings has said its profit after tax for the year ended December 31, 2017 rose by 69.64 per cent. The Holdings Company’s result released on the Nigerian Stock Exchange (NSE), yesterday reviewed that on a year-on-year basis, Stanbic IBTC Holdings’ net profit witnessed a major jump to N48.381 billion as against N25.165 billion disclosed in 2016.  The company also recorded an earnings per share of N4.60 under the period review from N2.50 in corresponding period of 2016. Also, the it declared a final dividend of 50 kobo per share or a total of N5.025 billion. The company also paid an interim dividend of N6 billion or 60 kobo per share.

The full year gross earnings came in at N212.434 billion versus N156.425 billion disclosed in the year before, indicating a growth of 35.81 per cent. Similarly, loans from customers rose to N753.64 billion, representing a growth of 34.35 percent in compared to N560.97 billion recorded in 2016, while loan and advances to customers stood at  N372.088 billion from N352.965 billion in 2016. The holdings company’s total assets rose to N1.20 trillion from N1.05 trillion in December 2016, while net interest income grew by 44.47 percent to N83.587 billion compared to N57.859 billion in the previous year.

Non-interest revenue shot up to N89.182 billion, a 30.78 percent increase from N68.194 billion in 2016. Recently, the chief executive officer, of Stanbic IBTC Holdings, Mr. Yinka Sanni said, “Stanbic IBTC’s progress over the period is impressive in many areas and in particular, we are delighted with our ranking following the latest release of KPMG Banking Industry Customer Satisfaction Survey, which showed our retail banking business improving in ranking from the fourth position to the third position and our corporate banking business improving from the 10th position to the fourth position. This is wellaligned with our strategy to drive customer-centricity. “The group will continue to explore opportunities to grow our business and market share responsibly through the adoption of an appropriate risk appetite and excellent service delivery.”

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