Stanbic IBTC Holdings Plc, yesterday announced N45.64 billion profit after tax in the first quarter (Q1) ended March 31, 2024, an increase of 58.13 per cent from N28.86 billion reported in the first quarter (Q1) ended March 31, 2023.
The lender on the Nigerian Exchange Limited (NGX) in Q1 2024 reported N62.7 billion profit before tax, representing a 73 percent increase from N72.95 billion declared in Q1 2023.
The Q1 2024 is a sustained performance by Stanbic IBTC Holdings amid macroeconomy challenges and stringent policies by the Central Bank of Nigeria (CBN).
Stanbic IBTC Holdings had reported a net profit of N140.6 billion in 2023, marking a 74per cent growth from the N80.7 billion posted in 2022.
Even as the group’s gross earnings hit N461.1 billion in FY 2023, representing a 62 percent increase from the N284.9 billion gross earnings posted in 2022.
The group’s major source of earnings was interest income which hit N270.6 billion, marking a 77per cent increase from the N152.7 billion reported in 2022.
The group also recorded N110.3 billion in income from fees and commissions in 2023, representing a 21per cent increase from the N91.1 billion posted in 2022.
For the period ending December 31, 2023, the group is proposing a final dividend of N2.20 per share to its shareholders, totalling N28.5 billion.
In September 2023, the group distributed an interim dividend of N1.50, amounting to N19.4 billion, thus reaching a total dividend payout of N47.9 billion for 2023, a 6% rise from the N45.4 billion paid in 2022.
Like other banking institutions in 2023, Stanbic IBTC enjoyed bumper earnings from increased interest rates in the country.
Despite a 50per cent increase in impairment losses on financial assets, the group’s balance sheet displayed a level of stability.
The group’s total assets for 2023 recorded a 70 per cent growth to N5.1 trillion, from the N3.0 trillion posted in FY 2022.
This growth in asset was driven to a 69 per cent increase in the group’s loans and advances as well as the 108 per cent growth in cash and cash equivalents.
Following the new CBN capital base requirements for banks, Stanbic IBTC has a responsibility of improving its capital base from the present N109.3 billion to the N200 billion required for banks within its category.
