Stanbic IBTC Revenue Fall By 3.51% In Q3 2020

Stanbic IBTC Holdings' earnings nosedive in the third quarter of 2020 as the company's revenue stood at NGN56.71 billion, lower than the corresponding period of the third quarter of last year.

According to the earnings statement of Stanbic IBTC, seen by AllNews, despite generating NGN56.71 billion for Q3 3020, the lender failed to surpass the NGN58.78 billion it grossed in Q3 2019; this represent a -3.51 percent drop in revenue in Q3 2020 - note that the Q3 period falls between July to September.

PBT, PAT Had A Soft Landing

The company, however, grew its Profit Before Tax (PBT) in Q3 this year, slightly above the PBT it reported in the third quarter of 2019. AllNews gathered that Stanbic IBTC Holdings' profit before tax stood at NGN24.459 billion, rising a bit higher than the NGN24.458 billion of Q3 last year.

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Also, the Profit After Tax (PAT) of 2020 third-quarter took the same path as Stanbic IBTC reported NGN20.95 billion, surpassing the NGN19.30 billion the company recorded in the corresponding period of last year.

Stanbic IBTC Appoint Top Banker

AllNews had reported that the bank's former Chief Executive Officer, Sola David-Borha, joined Stanbic IBTC as a non-Executive Director, three years after she vacates her top position. She also sits on the Coca-Cola board as well.

As a non-Executive Director, David-Borha is involved in the company's policymaking and planning exercises. To read more on Stanbic IBTC Holdings' financials/earnings for the third quarter of 2020, click this link.