Earnings Flash: Stanbic IBTC 3Q Earnings Released
Stanbic IBTC reported a 20.6% improvement in gross earnings which are N 49.5 Billion up from N 41.1 Billion at the close of Q3, 2010.
Provisions for losses were up 211% to N 1.1 Billion from N 370 Million at the end of the third quarter last year.
Profit before Tax was N 10.9 Billion up 9.2% from N 10 Billion at the end of 3Q, 2010.
Profit after Tax settled at N 7.9 Billion, up 9.8% from the period ended September 2010.
The bank’s loan book was up 31% to N 215 Billion from N 164 Billion at the end of 3Q, 2010.
Similarly, deposits were up 22.4% to N 228 Billion from N 186 Billion at the end of 3Q, 2010.
The bank’s stock price is currently trading at N 9.20.
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