Stanbic IBTC grows PAT by 113 per cent to N24.1 bn
By NGOZI Onyeakusi
Stanbic IBTC Holdings Plc, a member of Standard Bank Group, has made nice outing for the 2017 half year, as its profit after tax grew to N24.1 billion, representing a surge of 113 per cent when compared to N11.3 billion recorded in the corresponding period of 2016.
According the firm’s fillings with the Nigerian Stock Exchange, it’s. gross earnings recorded 36.28 per cent improvement period ended 30 June, 2017, from N71.3 billion in 2016 to N97.1 billion in the period under review.
Profit before tax equally soared by 86 per cent to N29.1 billion during the period, from N15.8 billion last while total assets marginally increased by 21 per cent to N1.2 trillion from N1 trillion in December 2016.
Commenting on the result, the Chief Executive Officer, Stanbic IBTC Holdings Plc, Yinka Sanni, said, “The domestic environment in the first half of 2017 recorded a decline in headline inflation, improved foreign exchange liquidity and a gradual economic expansion as measured by the Purchasing Managers’ Index. The improved operating environment positively impacted our businesses leading to significant improvement in our financial results.”
Sanni added, “Income before impairment charges grew by 43 per cent, driven by a sustained growth in yields from investment securities and trading activities. Interest income increased by 55 per cent and trading revenue grew by 81 per cent, positively impacting profit after tax which increased by 113 per cent year-on-year