Stanbic IBTC Holdings (NGX: STANBIC) grew its gross earnings by 45.19% in the first half of the year ended June 30, 2022. Similarly the profit after tax for the period also increased by 36.05%, according to the consolidated and separate interim financial statements released by the company.
Income Statement:
Gross earnings increased to N134.87 billion in in H1 20June 2022 from N92.90 billion in June 2021.
Net interest income rose to N50.35 billion in June 2022 from N32.88 billion in June 2021.
Net fee and commission revenue rose to N45.56 billion in June 2022 from N41.26 billion in June 2021.
Trading revenue increased to N16.32 billion in June 2022 from N5.47 billion in June 2021.
Staff costs and other operating expenses stood at N24.68 billion and N43.19 billion respectively in June 2022. This represents increases from N20.20 billion and N35.17 billion respectively reported in June 2021.
Stanbic IBTC Holdings reported an income tax expense of N9.31 billion, significantly up from N2.16 billion paid in June 2021.
The profit after tax rose to N30.67 billion in June 2022 from N22.54 billion in June 2021.
The earnings per share rose to N2.26 in June 2022 from NN1.64 in June 2021.
- Read also: Stanbic IBTC to pay Shareholders N1.50 Interim Dividend for H1 Period
- Zenith Bank Plc posts N111.41 billion profit for H1 2022
Balance Sheet:
Total assets rose to N3.15 trillion as at June 30, 2022 from N2.74 trillion as at December 31, 2021.
Major components of assets:
- Loans and advances to customers: N1.06 trillion (N921.04 billion in 2021).
- Cash and cash equivalents: N804.20 billion (N653.07 billion in 2021)
- Financial investments: N726.10 billion (N636.61 billion in 2021)
Total liabilities rose to N2.77 trillion in 2022 from N2.37 trillion in 2021. The major component, of the liability are deposit from customers which stood at N1.19 trillion and deposit from banks valued at N501.84 billion.
Equity attributable to ordinary shareholders stood at N378 billion as at June 30, 2022.
Cash flow:
- Net cash flows from operating activities; N184.42 billion, up from N51.42 billion in June 2021.
- Net cash flows used in investing activities: N90.60 billion, up from N56.02 billion.
- Net cash flows from financing activities in June 2022 stood at N2.99 billion compared to NN57.12 billion used in June 2021.
The equity price of Stanbic IBTC closed at N30.50 per share on Wednesday, an 8.93% gain from its previous close.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
