Stanbic IBTC Grows Profit to N80.939 Billion Profit in 2020

Stanbic IBTC Holdings, Africa’s leading financial institution, on Wednesday reported a strong profit after tax of N80.939 billion in the financial year ended 31, December 2020.

The lender disclosed in its audited financial statements released through the Nigerian Stock Exchange.

The bank’s gross earnings rose from N233.808 billion in 2019 to N234.446 billion in 2020.

Net interest income declined from N77.831 billion in 2019 to N74.215 billion in 2020. Non-interest revenue, however, rose from N108.755 billion achieved in 2019 to N124.709 billion in 2020.

Income before credit impairment charges stood at N198.924 billion in the year under review, up from N186.586 billion in 2019.

Income after credit impairment charges grew from N184.954 billion in the corresponding year of 2019 to N188.989 billion in 2020.

Stanbic IBTC profit before tax rose from N90.925 billion achieved in 2019 to N94.717 billion in 2020. The bank paid N11.506 billion in income tax.

Profit for the year stood at N83.211 billion, up from N75.035 Billion in 2019.

The bank’s non-controlling interest N2.272 Billion in the year. Bringing its profit for the year to N80.939 billion.