Stanbic IBTC’s 2019 Q1 gross earnings surges to N59bn

Stanbic IBTC Holdings Plc, a member of Standard Bank Group, has released its financial performance for the first quarter ended March 31, 2019, posting gross earnings of N58.7 billion.

The financial report, which was released to the Nigerian Stock Exchange (NSE) at the weekend, showed that the topline earnings stood at N57.4 billion in the corresponding period of 2018 and rose to N58.7 billion in 2019. The group achieved profit before tax of N23.5 billion in the first quarter ended March 31, 2019 and profit after tax of N19.2 billion.

The result showed that the group’s liquidity position remained robust. Liquidity ratio increased to 130.06 per cent compared with the 110.68 percent achieved in December 2018. This ratio is well above the regulatory minimum requirement of 30 per cent and is an indication that the group is strong enough to continue to meet its liquidity obligations in a timely manner. Net interest income of N20.2 billion compared with N18.9 billion in March of 2018 is a seven percent improvement year-on-year. While total assets decreased marginally by five per cent to N1.579 trillion as against N1.663 trillion in December 2018, while gross non-performing loans slightly improved to N17.5 billion compared to N17.7 billion in December 2018.

The Chief Executive, Stanbic IBTC Holdings Plc, Mr. Yinka Sanni, said the slowdown in economic activities as well as the socio-political environment impacted the results.

The operating environment in the first quarter of this year, he said, was quite challenging as evidenced by the slowdown in economic activities which impacted on the socio-political environment, leading to muted client activity.

“These factors affected the growth pace of our overall business volumes and earnings, however, the group achieved a resilient performance despite the challenging environment,” he said, adding that economic activities will improve over the rest of the year and the group is well positioned to take advantage when it does. “We will continue to leverage our universal financial services capability to ensure delivery on our Guidance for 2019.”

Stanbic IBTC Holdings Plc, member of Standard Bank Group, is a full service financial services group with a clear focus on three main business pillars, Corporate and Investment Banking, Personal and Business Banking and Wealth Management.