Stanbic IBTC Holdings Records 38% Increase In Net Profit

Stanbic IBTC Holdings Plc, has announced a 38 per cent growth in profit after tax in its third quarter (Q3) period ended September 30, 2022.

The group nine months results released on the Nigerian Exchange Limited (NGX) reported profit after tax of N55.19 billion, up by 38 per cent as against N39.95 billion declared in nine months 2021.

The group gross earnings for the period under review stood at N207.4 billion, representing a 41 per cent increase compared to N146.6 billion IN 2021. Net interest income rose by 48 per cent to N79.66 billion from N54 billion, while non-interest revenue up by 36 per cent to N94.40 billion from N69.25 billion in 2021.

Total operating income stood at N174.06 billion, up 41 per cent from N123.25 billion in 2021. Gross loans and advances up 23 per cent to N1.17 trillion against N946.25 billion in December 2021, while customer deposits increased to N1.14 trillion, higher than N1.13 trillion as at December 2021.

The group total assets increased by eight per cent to N2.95 trillion from N2.74 trillion as at December 2021.

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During the period under review, the group continued to maintain an adequate level of capital during the period. The group’s total capital adequacy ratio closed at 19.2 per cent, while the Bank closed at 14.9 per cent, which is significantly higher than the 11 per cent minimum regulatory requirement.

The group also maintained a strong and diversified funding base during the first nine months of 2022. The group’s liquidity ratio was above the 30 per cent regulatory minimum requirement, indicating the group’s commitment to meeting its liquidity obligations in a timely manner.

Speaking on the results, chief executive, Stanbic IBTC, Dr Demola Sogunle, said: “we continue to witness growth in our client franchise and key income lines. The group’s profitability increased by 57 per cent quarter-on-quarter, largely attributable to impressive growth in net interest income and other revenue sources.