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    Israel and Iran agree on ceasefire – Trump

    Breaking: Iran launches missiles at US bases in the Middle East

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    France launches mandatory online visa appointments for travelers

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    Federal Government declares June 6 and 9 public holidays

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

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    FG increases private university application fee from N5m to N25m

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    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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Stanbic IBTC Holdings Plc posts 91.5% growth in Profit for Q1 2023

Sunday, 30 April 2023, 10:06 pm
in Business, Companies
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Stanbic IBTC Holdings Plc posts 91.5% growth in Profit for Q1 2023
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Stanbic IBTC Holdings Plc (NGX: STANBIC), a member of the Standard Bank Group, has posted an impressive 91.5% growth in profit after tax for the first quarter period ended 31st March, 2023.

Also read; Nigerian Exchange: Top 10 gainers and losers of the week

The banking group reported a profit after tax of N28.86bn, up from the N15.96bn it reported for the first quarter period of 2022.

Review of the Financial Statements

Income Statement:

  • Interest Income: The bank reported an interest income of N50.41bn, 52.80% higher than the N32.99bn it reported in the preceding period. Most of this income came from interest on loans and advances to customer; N41.85bn to be precise (Q1 2022: N24.65bn). Interest on investment and interest on loans and advances to banks contributed N7.93bn (Q1 2022: N8.22bn and N621mn respectively (Q1 2022: N117mn) respectively. The group incurred an interest expense totaling N14.03bn, mostly interest paid on borrowed funds, interest deposits, and term deposits.
  • Fee and commission income: Stanbic IBTC posted a marginally higher revenue from fee and commission. It reported that it earned N26.02bn from fee and commission, 12.52% higher than the N23.12bn reported in Q1 2022. Asset management fees accounted for N15.99bn, a significant portion of this revenue. Brokerage and financial advisory fees added N2.59bn while foreign currency service fees brought in N2.19bn.
  • Trading revenue: The banking group reported that its earned N19.89bn (Q1 2022: N10.50bn) from trading, with almost all of it coming from trading fixed income and currencies.
  • Staff costs went up 12.93%, from N12.37bn in Q1 2022, to N13.97bn in Q1 2023.
  • Other operating expenses also increased to N27.46 billion from N22.95 billion. AMCON expenses of N9.36bn and Deposit insurance premium of N2.49bn accounted for most of its operating expenses.
  • Profit Before Income Tax: N36.26 billion, compared to N19.59 billion in Q1 2022.
  • Profit After Tax: N28.86 billion, compared to N15.06 billion in Q1 2022.
  • Earnings Per Share: N2.16, compared to 1.11 in Q1 2022.

Balance Sheet:

  • Total Assets: N3.21 trillion, compared to N3.02 trillion as at 31st December 2022. Of these assets, over N1.2 trillion was loans and advances to customers and banks, while N841.84bn was cash and cash equivalents.
  • Total Liabilities: N2.77 trillion, compared to N2.62 trillion as at 31st December 2022. Deposits from customers accounted for most of the liabilities with N1.79 trillion. The banks borrowings amounted to N194.97bn, while its trading liabilities stood at N214.69bn.
  • Shareholders’ Fund: stood at N437.41 billion, compared  to N407.67 billion as at 31st December 2022.
  • Retained earnings: N319.38 billion, against N290.40bn as at 31st Dec. 2022.

Cashflow:

  • Operating activities: net cash of N99.54bn was generated from operating activities, against N117.23bn generated in the preceding period.
  • Investing activities: net cash of N117.84bn was used in investing activities, against N372.02bn generated in the preceding year,
  • Financing activities: net cash of N8.65billion was generated from financing activities, against N33.49 billion generated in preceding period.
  • Cash and cash equivalents at the end of the period was N617.33 billion.

About the Company

Stanbic IBTC Holdings PLC  is a company domiciled in Nigeria. The address of the company is IBTC Place, Plot 1C Walter Carrington Crescent, Victoria Island, Lagos. The group is primarily involved in the provision of banking and other financial services to corporate and individual customers.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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