Stanbic IBTC Reports 71% Increase in Profit in H1 2024

Stanbic IBTC Holdings Plc, one of the leading financial institutions in Nigeria, on Tuesday announced a 77.44 percent increase in its gross earnings for the first half (H1) of 2024 to N378.548 billion, up from N213.334 billion reported in H1 2023.

This was disclosed in the lender’s audited financial statement obtained via the Nigerian Exchange Limited (NGX) website.

In the period under review, interest income stood at N246.13 billion, a 123 percent increase from N110.26 billion filed in the corresponding period.

The bank’s interest expenses expanded by 91.2 percent from N37.6 billion in H1 2023 to N71.83 billion declared in H1 2024.

The group declared N6.1 trillion in total assets in the correspond, a 19 percent increase from N5.15 trillion reported in the 2023 full financial year.

Profit before tax grew to N147.002 billion in the period under review, representing an increase of 77.14 percent from N82.985 billion in 2023.

The lender paid N30.645 billion in incoming tax while profit rose by a whopping 71.32% from N67.919 billion in 2023 to N116.357 billion.

The bank proposed an Interim dividend of N25.914 billion.

Chief Executive of Stanbic IBTC, Dr Demola Sogunle who commented on the company’s performance in 2023 said with the trends in the Nigerian operating environment, “we were able to record remarkable progress in our key focus areas.

“We recorded an increase in profitability, growth in assets under management (AuM) while our loans and advances and customer deposits also grew during the year, showing growth in clients franchise and our ability to support our customers in meeting their financial needs.”

“Looking ahead, our vision for 2024 is one of continued innovation, growth, and unwavering commitment to our clients and stakeholders”.