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Stanbic IBTC reports N84.2 billion pre-tax profits, best quarter ever

Stanbic IBTC Plc reported its second-quarter results, showing pre-tax profits soaring by 80.4% to N84.2 billion for the three months ending in June 2024.

The jump in pre-tax profits represents the highest ever recorded for any quarter in the company’s history, according to data from Nairametrics.

Stanbic IBTC’s half-year pre-tax profit has now risen to N147 billion, significantly higher than the N82.9 billion reported in the same period in 2023.

The bank holding company is now on track to hit the N200 billion pre-tax profit mark by the end of 2024.

Key highlights 2024 Q2 vs 2023 Q1

  • Net Interest Income: N97.3 billion, +168.3%
  • Net Interest after impairments: N77.9 billion, +32%
  • Operating Income: N145.7 billion, +66.4%
  • Operating Expenses: N61.4 billion, +50.3%
  • Pre-tax profits: N84.2 billion, +80.4%
  • Loans and Advances: N2.17 trillion, +30.3%
  • Total Deposits: N2.89 trillion, +24.9%
  • Total Assets: N6.1 trillion, +37.1%
  • Net Assets: N584.5 billion, +29.6%
  • EPS: N6.4 vs N3.5

Commentary: Stanbic IBTC performance was largely driven by a surge in interest income earned from loans to customers and interest income from investments.

  • Interest on loan and advances to customers rose from N91.1 billion as of half year June 2023 to N183.1 billion half year June 2024.
  • Interest on investment also rose from N16.7 billion to N56.1 billion in the same period as the bank rode on a higher interest environment.
  • The bank also go a mega boost in commission and fees income which rose to N82.9 billion in the first half of the year compared to N51.1 billion.
  • Included in the income from commissions and fees is a N47.2 billion earned from Asset Management fees and another N11.7 billion from brokerage and financial advisory fees.
  • Stanbic IBTC also reported N39.6 billion in “fixed income and currencies” compared to N44.7 billion reported a year earlier.

Stanbic IBTC share price closed at N58.95 per share up 3.6% as of mid-day trading. The bank also declared an interim dividend of N2 per share.

 


Source: Naijaonpoint.com.

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