Stanbic IBTC Holdings Plc reported a robust 79.8 percent year-on-year increase in profit after tax for the three months (Q1) ended March 31, 2025.
Profit rose to ₦82.1 billion from ₦45.6 billion recorded in the same period of 2024 on robust growth recorded in interest income and fee-based revenues, which offset a sharp drop in trading revenue.
Total income surged by 46.9 percent to ₦203 billion, driven by a 94.9 percent increase in net interest income which grew from ₦76.9 billion in Q1 2024 to ₦149.9 billion in Q1 2025.
The group also recorded higher net fee and commission revenue of ₦60.3 billion, up from ₦41.7 billion recorded last year on the back of improved transactional activity and client engagement.
Non-interest revenue declined slightly to ₦53.1 billion from ₦61.3 billion, largely due to a ₦7 billion loss in trading revenue compared to a ₦17.6 billion gain recorded a year earlier.
The sharp drop in trading income was attributed to unfavorable market conditions during the quarter.
Operating expenses rose by 31.6 percent to ₦90 billion from ₦68.4 billion, driven by higher staff costs and general administrative expenses.
Staff costs increased by 15.8 percent to ₦24.6 billion while other operating expenses rose by 38.8 percent to ₦65.4 billion on the back of inflationary pressures and rising operational costs.
Stanbic IBTC’s earnings per share also improved to 625 kobo, up from 345 kobo in the first quarter of 2024.
The group maintained strong asset quality with a net impairment write-back of ₦3.4 billion compared to a ₦7.1 billion impairment loss recorded in the previous year.
Despite the decline in trading revenue, Stanbic IBTC delivered a resilient performance supported by strong balance sheet management and income diversification across its banking and non-banking businesses.
Summary:
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Stanbic IBTC’s profit for the three months ended March 31, 2025 rose by 79.8% year-on-year.
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Profit increased from ₦45.6 billion in Q1 2024 to ₦82.1 billion in Q1 2025.
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Earnings per share (EPS) improved from 345 kobo to 625 kobo, also reflecting strong bottom-line growth.
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Total income surged from ₦138.2 billion in Q1 2024 to ₦203 billion in Q1 2025.
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Net interest income almost doubled, climbing from ₦76.9 billion to ₦149.9 billion.
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Net fee and commission revenue rose sharply to ₦60.3 billion, up from ₦41.7 billion the previous year.
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However, trading revenue declined sharply, posting a ₦7 billion loss compared to a ₦17.6 billion gain in Q1 2024.
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Operating expenses increased from ₦68.4 billion to ₦90 billion due to rising staff costs and other operating costs.
