Stanbic IBTC grows net profit by 54% to N74.4b

Stanbic IBTC Holdings Plc has recorded considerable growths across all key performance indicators in 2018 with the net profit rising by 54 per cent to N74.4 billion.

Key extracts of the audited report and accounts for the year ended December 31, 2018 showed that the group grew its top-line earnings to N222.4 billion in 2018 compared with the N212.4 billion in 2017. Profit before taxation rose by 44 per cent to N88.2 billion as against N61.2 billion while profit after tax rose by 54 per cent to N74.4 billion in 2018 as against N48.4 billion in 2017.

The balance sheet showed that group’s total assets grew by 20 per cent to N1.66 trillion in 2018 compared with the N1.39 trillion in 2017. Customer deposit grew by seven per cent to N807.7 billion from N753.6 billion. Gross non-performing loans decreased by 50 per cent to N17.7 billion in 2018 compared with N35.3 billion. This decrease impacted positively the gross non-performing loan to total loan ratio, which improved to 3.9 per cent, well below the regulatory threshold of 5.0 per cent and 8.6 per cent recorded in 2017. The non-performing loans figure became more impressive when viewed against the 14 per cent increase in gross loans and advances from N403.9 billion in 2017 to N458.9 billion in 2018.

Stanbic IBTC Holdings Plc Chief Executive Officer, Mr Yinka Sanni, said the balance sheet size was impacted by growth in risk assets and financial investment portfolio, which reflected investment expertise and quality management.

According to him, strong growth in fees and commission income as well as write-backs, which resulted from recoveries made on previously written off loans and reversals on some non-performing loan, contributed to the strong showing.

He outlined that performances across its three divisions, corporate and investment banking, wealth management businesses, and personal & business banking, were strong and contributed to the turnover.

“As a financial institution we will continue to leverage our universal financial services capability, unrelenting focus on cost control, digitisation and client centricity to ensure that we continue to grow our capacity to provide incomparable high quality end-to-end financial solutions to our customers in a sustainable manner,” Sanni said.

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