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Stanbic IBTC Reports 3Q Earnings, Declares Net Income of N6.9 billion

By Afolabi Ogunde on November 1, 2012

Stanbic CEO, Sola David-Borha

Stanbic IBTC reported its 3Q earnings to the Nigerian Stock Exchange yesterday.

The company said its gross earnings were up 35% to N64 billion, from N47.4 billion over the same period last year.

Interest income was up 61% to N42.5 billion, from N26.4 billion over 3Q, 2011.

Provision for bad debt or credit impairment charges fell 7.9% to N3.1 billion, from N3.34 billion over the same period in the preceding year.

Profit before tax was reported at N8.7 billion, up 11% from the N7.87 billion it made over 3Q, 2011.

Net income arrived at N6.9 billion, up 22.7% from N5.7 billion it made over 3Q, 2011.

the company’s share price was up 1.39% to close at N7.30 in yesterday’s trading.