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Stanbic IBTC Group reports N24bn profit in half year 2017

By on August 31, 2017

Stanbic IBTC Holdings Plc, has announced its six months audited results for the period ended June 30, 2017, with gross earnings at N97.198 billion, an increase of 36.28 percent over the N71.320 billion recorded in the corresponding period of last year.

The result, which was submitted to the Nigerian Stock Exchange in Lagos yesterday, August 29, 2017, showed that profit before tax increased by 86 percent to N29.169 billion during the period, from N15.682 billion last year.

Profit after tax at N24.112 billion was a growth of 113 percent compared to N11.317 billion in the corresponding period of 2016. Total assets went up by 21 percent to N1.273 trillion from N1.053 trillion in December 2016.

Expressing delight at the result, Chief Executive Officer, Stanbic IBTC Holdings Plc, Yinka Sanni, stated, “The domestic environment in the first half of 2017 recorded a decline in headline inflation, improved foreign exchange liquidity and a gradual economic expansion as measured by the Purchasing Managers’ Index.

“The improved operating environment positively impacted our businesses leading to significant improvement in our financial results.”

He further stated, that “Income before impairment charges grew by 43 percent, driven by a sustained growth in yields from investment securities and trading activities.

Interest income increased by 55 percent and trading revenue grew by 81 percent, positively impacting profit after tax which increased by 113 percent year-on-year.

The balance sheet grew by 21 percent year-to-date as trading assets and financial investments increased by over 100 percent and 19 percent respectively.

 

[Daily Trust]