Stanbic IBTC Records N 2.5 Billion Net Income in Q1, 2012 Earnings

Stanbic IBTC Bank, a member of Standard Bank Group, has announced its unaudited  IFRS  compliant results for the three month period ended 31 March 2012.

Financial highlights

Profit and loss accounts

• Net interest income of N8.3 billion, up 25% (N6.6 billion March 2011)
• Non-interest revenue of N6.4 billion, up 12% (N5.8 billion March 2011)
• Operating income of N14.7 billion, an increase of 19% (N12.4 billion March 2011)
• Operating expenses of N11.0 billion, up 11% (N9.9 billion March 2011)
• Credit impairment charges of N279 million, down 72% (N995 million March 2011)
• Profit before tax of N3.5 billion, up 126% (N1.5 billion March 2011)
• Profit after tax of N2.5 billion, an increase of 136% (N1.1 billion March 2011)
• Cost to income ratio of 75% (80% March 2011)

Balance sheets

• Total assets up 20% to N667.4 billion (N554.5 billion December 2011)
• Gross loans and advances, up 34% year-on-year and 3% quarter-on-quarter to N276.5 billion (N207.2 billion March 2011, N268.1 billion December 2011)
• Deposits from current accounts, up 34% year-on-year and down 6% quarter-on-quarter to N270.6 billion (N202.6 billion March 2011, N287.2 billion December 2011)
• Non-performing loans flat at N18.4 billion (N18.5 billion December 2011)
• Non-performing loans to total loans ratio of  6.7% (7.0% December 2011)
• Annualised pre-tax return on average equity of 16.4% with strong capital adequacy ratio of 20.2%

Speaking from the Bank’s headquarters in Lagos, Sola David-Borha, CEO of Stanbic IBTC Bank, commented:

“After recording a resilient performance in 2011, the Group continued to report good profitability in the first quarter of 2012. We are delighted by the significant year-on-year growth of 19% and 136% achieved in our  revenues and profitability respectively.  We continued to witness a strong growth in our business  as evidenced by  growth in the balance sheet and increase in transaction volumes. This performance is a result of our continued commitment to providing customers with the full range of competitive and high quality services and a function of our larger footprint across the country. We will continue to leverage our best in class banking systems and channels, well trained and experienced personnel and the expertise of our parent company as we strive to be a leading financial solutions provider in Nigeria”.