Stanbic IBTC Thrives Despite COVID-19, Posts N83.2 Billion Profit in 2020

Stanbic IBTC, one of the leading financial institutions in Africa, reported strong financial statements for the year ended December 31, 2020.

In the unaudited financial statement, the lender’s gross earnings grew from N233.808 billion in 2019 to N234.446 billion in 2020 despite the COVID-19 pandemic.

Stanbic IBTC Holdings Plc net interest income declined to N74.215 billion in 2020, down from N77.831 billion in 2019.

Similarly, interest income moderated from N120.412 billion recorded in 2019 to N105.776 billion in 2020. While interest expense improved from N42.581 billion to N31.561 billion in 2020.

Non-interest revenue grew from N108.755 billion filed in 2019 to N124.709 billion in 2020.

Stanbic total income for the period rose to N198.924 billion, up from N186.586 billion recorded in 2019.

Income after credit impairment charges increased from N184.954 billion in 2019 to N188.989 billion in the period under review. Operating expenses remained largely unchanged at N94.272 billion, slightly up from N94.029 billion posted.

Shockingly, staff costs increased during the COVID-19 lockdown from N40.618 billion spent in 2019 to N42.143 billion in 2020.

Profit before tax increased to N94.717 billion in 2020, up from N90.925 billion announced in the same period of 2019. While profit for the year stood at N83.211 billion in 2020 from N75.035 billion in 2019.