Stanbic IBTC Reports N75.04bn Profit After Tax for 2019

• Stanbic IBTC Reports N75.04bn Profit After Tax for 2019

Stanbic IBTC Holdings Plc announced a profit after tax of N75.045 billion for the financial year ended December 31, 2019.

This was slightly higher than the N74.440 billion recorded in the corresponding year of 2018.

In the financial statement released through the Nigerian Stock Exchange (NSE), the lender gross earnings rose from N222.360 billion in 2018 to N233.808 billion in 2019.

While the total interest income realised for the financial year stood at N77.831 billion, below the N78.209 billion generated in 2018. The drop was largely due to the surge in interest income and interest expense from N118.382 billion and N40.173 billion in 2018 to N120.412 billion and N42.581 billion in 2019, respectively.

Non-interest revenue, however, rose from N102.604 billion achieved in 2018 to N108.755 billion in 2019. Stanbic IBTC grew income before credit impairment charges to N186.586 billion, up from N180.813 billion in 2018.

Profit before tax rose from N88.152 billion declared in 2018 to N90.925 billion in 2019.

The lender’s total asset grew from N1.663 trillion recorded in 2018 to N1.876 trillion in 2019. Equity expanded from N239.667 billion in the corresponding year of 2018 to N302.229 billion while liabilities increased to N1.574 trillion, up from N1.423 trillion.