Stanbic IBTC Records N45.2 Billion Profit After Tax in Q2 2020

Stanbic IBTC Holdings Plc grew profit after tax to N45.204 billion in the second quarter (Q2) of 2020 despite the COVID-19 pandemic.

The lender grew revenue from N94.162 billion posted in Q2 2019 to N107.345 in Q2 2020.

Net interest income stood at N37.549 billion in the second quarter of 2020, below the N39.310 billion posted in the corresponding period of 2019. While interest income from external source dropped from N60.784 billion in Q2 2019 to N55.130 billion Q2 2020.

Interest expense from external source stood at N17.581 billion in the second quarter, better than the N21.464 billion posted in the same quarter of 2019.

However, despite COVID-19, the bank’s non-interest revenue grew from N54.852 billion in Q2 2019 to N69.796 billion in Q2 2020. Income after credit impairment charges operating expenses rose from N94.719 billion in Q2 2019 to N100.941 billion in Q2 2020.

Profit before tax increased to N52.406 billion, up from N44.650 billion in Q2 2019.

Profit after tax grew from N36.245 billion in the second quarter of 2019 to N45.204 billion in the second quarter 2020.