Stanbic IBTC Holdings Plc has announced 79 percent growth in its Profit After Tax, PAT, for the six months ended 30 June 2018, to ₦43.08 billion from ₦24.11 billion in the corresponding period in 2017.
The result submitted to the Nigerian Stock Exchange, NSE, showed that the gross earnings rose by 17 percent to ₦114.21 billion from ₦97.20 billion in 2017, while the total assets stood at ₦1.37 trillion as against ₦1.39 trillion in December 2017.
Commenting, Mr. Yinka Sanni, Chief Executive Officer, Stanbic IBTC Holdings, said: “The operating environment in the first half of the year was characterized by rising oil prices, stable oil production level leading to accretion to the country’s external reserves, improved foreign exchange liquidity with attendant interventions from the Central Bank of Nigeria, CBN, and moderating inflation amid declining yields on money market securities.
“Stanbic IBTC continued to deliver stellar performance over the course of the first half of the year. Profit before tax grew to ₦50.73 billion representing a 74 percent growth from prior year on the back of non-interest revenue growth and recoveries from delinquent assets previously impaired.
Our credit impairment line has a write back of ₦5.5 billion as at June 2018 as we continue to intensify recovery efforts on previously classified loans. Interest income increased by six percent to ₦59.9 billion predominantly driven by loan growth.