Stanbic IBTC Holdings Plc, a leading financial institution, has stunned the market with its remarkable financial performance for the first half of 2023.
The just-released half-year financial report has revealed an astonishing growth of 121.46% in Profit After Tax, reaching an impressive N67.919 billion, up from N30.669 billion during the same period in 2022.
In a report submitted to the Nigerian Exchange Limited after a brief delay attributed to regulatory approvals from the Central Bank of Nigeria, Stanbic’s financial prowess was evident.
The Group witnessed a remarkable 58.18% surge in gross earnings, a staggering 107.58% increase in profit before tax, and an extraordinary 121.46% surge in profit after tax, culminating in a triumphant close for the period ending June 30, 2023.
The financial wizards at Stanbic recommended the approval of an interim dividend of 150 kobo per share, maintaining their strong performance trend compared to the same period in 2022.
These astronomical achievements were underpinned by the surge in Net Interest Income, which soared by 44.35% to N72.684 billion from N50.353 billion in 2022.
The non-interest revenue also surged by an astonishing 56.64%, ascending to N98.618 billion from N62.957 billion.
In the face of these resounding victories, the marginal increase in net impairment loss on financial assets by 9.37% was overshadowed by the 47% rise in total assets to N4.45 trillion and a 37% leap in gross loans and advances to N1.70 trillion.
Commenting on the extraordinary results, Dr. Demola Sogunle, Chief Executive of Stanbic IBTC, acknowledged the challenging start to the year due to general elections and cash scarcity.
However, Sogunle highlighted that business activities surged in the second quarter, leading to significant growth in key income lines.
He underscored the remarkable growth of over 100% year-on-year, driven by strategic efforts to support clients and tap into investment opportunities.
Sogunle further revealed Stanbic IBTC’s groundbreaking achievement of processing the first inbound commercial transaction on the Pan African Payment and Settlement System in Nigeria.
This endeavor, aligned with the institution’s dedication to facilitating intra-African trade and economic integration, showcased Stanbic’s commitment to spearheading innovative solutions for its clients in the dynamic African market.
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