Banking Sector
Stanbic IBTC Holdings Profit Drops by 50 Percent in Q1 2021
Stanbic IBTC Holdings Plc reported a 50 percent decline in profit before tax from N24.413 billion recorded in the first quarter (Q1) of 2020 to N12.142 billion in the first quarter of 2021.
The bank’s profit after tax stood at N11.256 billion in the period under review, down from N20.601 billion in Q1 2020.
In the unaudited financial statements released on Friday, the lender’s gross earnings declined from N61.412 billion posted in Q1 2020 to N45.726 billion in Q1 2021.
Interest income also moderated from N27.459 billion filed in Q1 2020 to N21.014 billion in Q1 2021.
Similarly, non-interest revenue dropped to N3.233 billion, down from N14.417 billion in Q1 2020.
The bank’s total income declined from N51.156 billion in Q1 2020 to N38.94 billion in the period under review.
Stanbic IBTC total assets grew to N2.569 trillion from N2.486 trillion in the fourth quarter ended December 31, 2020. Total equity and liability stood at N383.527 billion and N2.186 trillion in the quarter under review respectively.
Earnings per share dropped from 191 kobo to 96 kobo in Q1 2021.