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Stanbic IBTC Records N13.5bn Profit

By on March 28, 2011

The management of Stanbic IBTC Bank has said it recorded a pre-tax profit at
N13.5 billion in its financial year ended December 2010.

The audited results also showed that while the bank’s profit before tax grew by
31 percent to N13.5 billion compared to the N10.3 billion recorded in December
2009, its gross earnings slipped by 5 percent to N56.7 billion, compared to the
prior year’s figure of N59.8 billion

A statement from the bank at the weekend also showed that its total assets
increased to N384.5 billion in the year under review, representing a growth by
13 percent from N340.5 billion in 2009.

Chief Executive Officer, Stanbic IBTC Bank, Mr. Chris Newson, was
quoted to have
emphasised that the bank was strategically primed to achieve higher growth in
the years ahead despite the tough operating conditions.

“The Group produced good results in the first nine months of 2010 and I am
pleased to announce that this trend continued into the final quarter of the
year. Despite the testing operating environment, we have grown our business
responsibly and have made good progress in expanding our loan book. We recorded
a 41 per cent increase on December 2009’s levels of gross loans, with a
corresponding 24 per cent reduction in our non-performing loans portfolio.

“This is testament to our ability to unlock profitable investment
outlets in the
face of significant market liquidity and efficiency of our risk management
systems,” he said.

According to Newson, the bank’s long-term strategic growth and profitability
were anchored on its current branch expansion project.

He added that its overall objective was to avail a growing number of Nigerians
access to its services and products.

“Our cost efficient branch roll out strategy saw us open 71 new branches in
2010, bringing our total number of branches in Nigeria to 141 as at year end
2010. We are now present in all the 36 states of the country,
including the FCT.
The bank continued to maintain its traditional signature capital strength and
healthy liquidity position throughout the year, and is well-positioned to
increase market share on the back of our growing footprint, excellent service
and talented people backed by cutting edge technology,” he stated.

The statement also said that the bank rewarded its shareholder a dividend of 39
kobo per share, an increase of 30 percent over the 30 kobo paid in 2009.

Source : Thisday