Stanbic IBTC reports 78% increase in profit in Q3 2017

Stanbic IBTC reports 78% increase in profit in Q3 2017

Stanbic IBTC Holdings Plc has posted a 77.7 percent increase in profit before tax to N45.65 billion from N25.7 billion for the nine month period ended September 30, 2016. 

Similarly, profit after tax rose to N37.672 billion, representing a growth of 86.9 percent in compared to N20.152 billion recorded in 2016. Gross earnings at N154.220 billion was an increase of 34.5 percent over the N114.622 billion achieved in the corresponding period in 2016. 

The bank’s total assets rose toN1.417 trillion from N1.053 trillion in December 2016, while net interest income grew by 61 percent to N62.947 billion compared to N39.089 billion in the previous year. Non-interest revenue shot up to N64.280 billion, a 22 percent increase from N52.895 billion in 2016. Commenting on the result, Mr. Yinka Sanni, CEO, Stanbic IBTC Holdings Plc, said:

 “Stanbic IBTC’s progress over the period is impressive in many areas and in particular, we are delighted with our ranking following the latest release of KPMG Banking Industry Customer Satisfaction Survey, which showed our retail banking business improving in ranking from the 4th position to the 3rd position and our corporate banking business improving from the 10th position to the 4th position. This is well-aligned with our strategy to drive customer-centricity.” He added,

 “The group will continue to explore opportunities to grow our business and market share responsibly through the adoption of an appropriate risk appetite and excellent service delivery.” On his projections for the last quarter, Sanni said: “we should be able to sustain our positive performance for the rest of the year 2017,” while identifying areas of focus as cost efficiency, improving risk asset quality, improving low-cost deposits and further strengthening of corporate governance.