Stanbic IBTC Rebounds from 2021 Decline, Posts 33.86% Increase in Profit in Q1 2022

Stanbic IBTC Holdings rebounded from its 2021 decline to post N15.068 billion profit after tax in the first quarter (Q1) ended March 31, 2022, this represents a 33.87% increase over the N11.256 billion recorded in Q1 2021.

The bank disclosed this in its unaudited financial statement obtained by Investors King.

Gross earnings rose by 47.72% from N45.516 billion in the corresponding quarter of 2021 to N67.234 billion in Q1 2022.

Net interest income stood at N23.433 billion, representing an increase of 47.75% from N15.860 billion achieved in Q1 2021. Net interest income was bolstered by a 57% increase in interest income from N21.014 billion in Q1 2021 to N32.996 billion in Q1 2022.

Similarly, non-interest revenue expanded to N32.358 billion in the period under review from N23.083 billion in Q1 2021.

Stanbic IBTC’s total income for the period rose by a whopping 43.26% from N38.943 billion recorded in Q1 2021 to N55.791 billion. Net impairment write-back/(loss) on financial assets jumped by 295.95% to N586 million to trim income after credit impairment charges. Income after credit impairment charges stood at N55.205 billion.

As expected, the lender operating expenses rose to N35.606 billion, an increase of 32.12% from N26.949 billion filed in Q1 2021.

Profit before tax jumped by 61.41% to N19.599 billion, up from N12.142 billion posted in Q1 2021. The lender paid N4.531 billion as income tax in the period under review.

Earnings per share rose from 82 kobo to 111 kobo.

In 2021, Stanbic IBTC reported a 32% decline in profit after tax, largely due to COVID-19 headwinds and a tough business operating environment. After rejig and adjustments to its core operating processes, the lender made 26.44% of the total profit realised in the 2021 financial year in the first quarter of 2022.