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Stanbic IBTC Group records N104.4bn gross earnings in nine months

By on November 3, 2015

Stanbic IBTC Holdings, a member of Standard Bank Group, has announced gross earnings of N104.4 billion for the nine months ended September 30, 2015, an increase of 10 per cent N94.6 billion earned in the same period in 2014.

Analysis of the results released by the Nigerian Stock Exchange (NSE) showed that total assets went up six per cent to N1trillion  as against N944.5 billion last year.

In the same vein, gross loans and advances to customers went up one  per cent to N418.3 billion as against  N413.4 billion as at December last year.

However, the bank’s profit before tax declined by 49 per cent to N15.3 billion as against N30.0 billion in 2014 while profit after tax went down by 46 per cent to N13.5 billion compared with N25.2 billion earned in 2014.

Commenting on the results, Chief Executive Office, Stanbic IBTC Holdings, Mrs. Sola David-Borha, said: “Our business continues to thrive in the third quarter of 2015 despite the stiff and challenging operating environment. Our performance reflects steady growth in our balance sheet position, improved revenue from fees and commission and continued drive on cost containment measures. Operating income declined by three per cent while cost growth remained below inflation rate. Loans and advances to customers grew marginally by one per cent due to economic conditions and our focused approach to maintain good quality loan book. Deposits to customers grew by two  per cent during the period as we maintain the focus of reducing cost of funds. The continued slow pace of growth in the economy impacted our results. Our focus for the rest of the year is to deliver exceptional service and value to our customers, whilst remaining profitable and improving margins.”

According to her, the group maintained adequate capital to support its business in  nine  months 2015, stating  “we  are well above the regulatory requirement. The group’s total capital adequacy ratio closed the period at 20.6 per cent (Bank 15.7 per cent), while the tier 1 capital adequacy ratio stood at 17.2 per cent (Bank 12.1 per cent). These ratios are well above the 10 per cent minimum statutory requirement.”

 

[ThisDay]