Stanbic IBTC Holdings Plc reported a 134 percent increase in net interest income to ₦410.45 billion in the year ended December 31, 2024 from ₦175.19 billion recorded in 2023.
The increase followed a rise in interest income which grew by 109 percent to ₦566.46 billion from ₦270.59 billion.
Interest expense also increased to ₦156.01 billion from ₦95.40 billion due to the higher interest rate environment while non-interest revenue increased by 31 percent to ₦236.39 billion compared to ₦179.98 billion recorded in 2023.
Net fee and commission revenue rose to ₦170.40 billion from ₦110.28 billion supported by growth in transactional activities across the Group’s platforms.
Trading revenue declined to ₦57.57 billion from ₦62.51 billion while other income increased to ₦10.70 billion from ₦8.72 billion.
Net impairment loss on financial assets rose sharply to ₦99.36 billion compared to ₦15.45 billion reported in 2023 due to cautious risk management in a challenging credit environment.
Operating expenses increased to ₦243.69 billion from ₦166.81 billion. Staff costs rose to ₦86.68 billion from ₦65.76 billion while other operating expenses increased to ₦157.01 billion from ₦101.05 billion.
Profit before tax rose to ₦303.80 billion from ₦172.91 billion. Profit after tax grew by 60 percent to ₦225.31 billion from ₦140.62 billion.
Profit attributable to equity holders of the parent stood at ₦221.61 billion up from ₦137.58 billion in 2023.
Basic and diluted earnings per share rose to 1,710 kobo from 1,062 kobo recorded in 2023 reflecting the strong profitability recorded during the year.
The Group maintained profitability despite higher impairment charges and rising costs. Analysts expect Stanbic IBTC to sustain earnings momentum as it navigates the current monetary environment.
