Stanbic IBTC posts N62.7 billion pre-tax profit in Q1 2024
Stanbic IBTC Holdings Plc has released its unaudited financial statement for Q1 2024, posting a pre-tax profit of N62.7 billion, representing a 73% year-on-year growth of the N36.3 billion pre-tax profit posted in Q1 2023.
The group posted a total income of N138.2 billion during the quarter, representing a 71% growth from the N80.9 billion total income posted in Q1 2023.
The bulk of the group’s income came from interest income, as the group posted a net interest income of N76.9 billion, marking a 111.4% YoY growth of the N36.4 billion net interest income posted in Q1 2023.
Key Highlights Q1 2024 vs Q1 2023
Net interest income: N76.9 billion, +111% YoY
Non-interest revenue: N61.3 billion, +38% YoY
Total income: N138.2 billion, +71% YoY
Net impairment charge on financial assets: N7.1 billion, +117% YoY
Income after credit impairment charges: N131.1 billion, +69% YoY
Profit before tax: N62.7 billion, +73% YoY
Profit for the period: N45.6 billion, +58% YoY
Earnings per share: N3.45, +59.7% YoY
Cash and cash equivalent at the end of the period: N1.44 trillion, +133% YoY
Loans and advances: N2.2 trillion, +9% YTD
Total assets: N6.0 trillion, +16% YTD
What you should know
A significant source of income for the group was interest income, reflective of the hike in the country’s benchmark rate to 22.75% during the quarter.
Stanbic IBTC posted an interest income of N92 billion on loans and advances to customers, representing a 120% year-on-year growth from the N41.9 billion posted in the corresponding quarter in 2023.
Also, the group’s corporate and investment banking segment was the highest earner during the quarter, posting a total income of N70 billion, followed by the group’s insurance and asset management segments with a total income of N28.8 billion.
Stanbic IBTC Asset Management Limited generated N23.9 billion in asset management fees during the quarter, representing a 50% YoY growth from the N16.0 billion posted in Q1 2023.
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Full Story: https://nairametrics.com/2024/04/26/stanbic-ibtc-posts-n62-7-billion-pre-tax-profit-in-q1-2024/
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