Stanbic IBTC Holdings Plc, has announced 38 per cent growth in profit after tax in its third quarter (Q3) period ended September 30, 2022.
The group nine months results released on the Nigerian Exchange Limited (NGX) reported profit after tax of N55.19 billion, up by 38 per cent as against N39.95 billion declared in nine months 2021.
The group gross earnings for the period under review stood at N207.4 billion, representing a 41 per cent increase compared to N146.6 billion IN 2021. Net interest income rose by 48 per cent to N79.66 billion from N54 billion, while non-interest revenue up by 36 per cent to N94.40 billion from N69.25 billion in 2021.
Total operating income stood at N174.06 billion, up 41 per cent from N123.25 billion in 2021. Gross loans and advances up 23 per cent to N1.17 trillion against N946.25 billion in December 2021, while customer deposits increased to N1.14 trillion, higher than N1.13 trillion as at December 2021.
The group total assets increased by eight per cent to N2.95 trillion from N2.74 trillion as at December 2021.
During the period under review, the group continued to maintain an adequate level of capital during the period. The group’s total capital adequacy ratio closed at 19.2 per cent, while the Bank closed at 14.9 per cent, which is significantly higher than the 11 per cent minimum regulatory requirement.
The group also maintained a strong and diversified funding base during the first nine months of 2022. The group’s liquidity ratio was above the 30 per cent regulatory minimum requirement, indicating the group’s commitment to meeting its liquidity obligations in a timely manner.
Speaking on the results, chief executive, Stanbic IBTC, Dr Demola Sogunle, said, “We continue to witness growth in our client franchise and key income lines. The Group’s profitability increased by 57 per cent quarter-on-quarter, largely attributable to impressive growth in net interest income and other revenue sources.
“This was supported by lower credit impairment charges and operating expenses when compared with the second quarter. The uplift in net interest income resulted from increase in the volume and yield on risk assets as we sustained our loan growth performance.”
Sogunle noted that, “we kicked-off the third quarter with the implementation of initiatives to deliver top notch services to our customers by leveraging digital technology. We entered into a partnership to enhance the Stanbic IBTC SME Banking platform by providing seamless payroll and salary management services to SME Banking customers.
“The digital module of the solution is now embedded on Stanbic IBTC’s SME online platform and offers value added services such as free HR services to SME customers for the first three months, salary payment of remote employees while staying compliant to local laws, provision of financial data with detailed analytics, amongst others.”
