Don't Miss


Home   >   Market - Finance   >   Finance   >   Stanbic IBTC Declares N12bn Profit on N92bn Earnings

Stanbic IBTC Declares N12bn Profit on N92bn Earnings

By on April 23, 2013

Stanbic IBTC Holdings, a member of Standard Bank Group, has declared a profit before tax of N11.7 billion for the financial year ended December 31, 2012,, indicating an increase of 16 per centover the N10.1 billion recorded in the corresponding period of 2011.

The results released to the Nigerian Stock Exchange (NSE) Monday showed thatits profit after tax rose to N10.2 billion, translating to an increase of 53 per cent over the prior year’s N6.6 billion.

Gross earnings, which stood at N63.4 billion in 2011, increased to N91.9 billion in 2012, signifying a growth of 45 per cent. The firm’s total assets increased to N676.8 billion last year, 22 per cent up from N554.5 billion recorded in 2011.

Commenting on the results, the Chief Executive Officer, Stanbic IBTC Holdings Plc, Mrs. Sola David-Borha, said the performance is indicative of the soundness of the group’s decision to adopt a holding company structure in line with its strategy to provide end-to-end financial services and build a franchise capable of generating sustainable and respectable returns to its stakeholders.

“This performance is a testament of the credibility of our strategy to realise our objective of being the leading end-to-end financial solutions provider in Nigeria. We continue to assess our risk assets through our robust and systematic risk management practices, whilst ensuring that adequate provisions are made for unforeseen shocks in line with the operating environment,” she said.

According to her, the group continued to expand its business on the back of growth in transactional volumes and activities, money and capital market activities and loan book.

“Deposits from customers increased by 24 per cent, while our loan book grew by five per cent despite the sell down of existing large performing exposures to enable us comply with the post restructuring single obligor limit,” she said.
Meanwhile, trading at the stock market closed on a positive note in the first day of the week as the NSE All-Share Index rose by 0.29 per cent to be at 33,090.04.