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  • Companies
  • Updated: August 30, 2023

Stanbic IBTC Records N67 Billion Profit

Stanbic IBTC Records N67 Billion Profit

Stanbic IBTC Holdings Plc has released its financial report for half-year 2023, which reveals a profit after tax of N67.919 billion.

This indicates a 121.46 per cent growth compared to N30,669 billion recorded in the same period in 2022.

Stanbic reported that the Group’s gross earnings increased by 58.18 per cent, profit before tax increased by 107.58 per cent and profit after tax increased by 121.46 per cent for the period ended 30 June 2023.

The directors recommended the approval of an interim dividend of 150 kobo per share (30 June 2022: 150 kobo per share) for the period under review.

Commenting on the results, the Chief Executive Stanbic IBTC, Dr Demola Sogunle, said, “The first half of 2023 was an eventful one for us as an organisation within the Nigerian operating environment. Events such as the general elections and cash scarcity led to relatively slower business activities at the beginning of the year, causing the Stanbic IBTC Bank Purchasing Manager Index to print below 50 index points.

“Business activities, however, picked up in the second quarter, with the PMI moving back above 50 points in April 2023 and closing at 53.2 in June 2023, following the improvement in access to cash, increase in customer demand and business expansion. We reported significant growth in our key income lines during the period under review.

“The Group’s profitability increased by over 100 per cent year-on-year (driven by growth across our revenue streams. Interest income grew by 62 per cent YoY, mainly due to higher yield and volume of loans and investments, which is in line with our efforts to support our clients through loan offerings and investment opportunities.”

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