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Stanbic IBTC grows Q1 pre-tax profit to N24.4b
#1

Stanbic IBTC grows Q1 pre-tax profit to N24.4b
April 29, 2020

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Stanbic IBTC Holdings Plc sustained modest growths in the top-line and bottom-line in the first quarter as pre-tax profit rose by 3.8 per cent to N24.4 billion.

Key extracts of the interim report and account of the financial services holding company for the three-month period ended March 31, 2020 showed modest growths across key performance indicators.

Gross earnings rose to N61.42 billion in first quarter of the year as against N58.69 billion recorded in first quarter of last year. The top-line growth was majorly driven by increase in fee, commission and trading incomes as interest income dropped from N31.14 billion in first quarter 2019 to N27.46 billion in first quarter 2020.


Profit before tax improved slightly from N23.51 billion to N24.41 billion. After taxes, net profit increased from N19.15 billion in first quarter 2019 to N20.60 billion in first quarter 2020. With these, earnings per share inched up to N1.91 in first quarter 2020 compared with N1.81 in comparable period of 2019.

The first quarter performance indicates a modest performance outlook for the group in the current business year. Stanbic IBTC Holdings had recorded a net profit of N75.04 billion in 2019. The board of the holding company subsequently recommended payment of N21 billion as dividend for the 2019 business year, implying a dividend per share of N2, 33.3 per cent increase on N1.50 per share paid for the 2018 business year.

Key extracts of the audited report and accounts for the year ended December 31, 2019 had shown that gross earnings rose from N222.36 billion in 2018 to N233.81 billion. Profit before tax increased from N88.15 billion in 2018 to N90.93 billion in 2019. Profit after tax also improved marginally from N74.4 billion to N75.04 billion. Earnings per share however dropped from N7.04 in 2018 to N6.92 in 2019. The decline in earnings per share was due to additional shares due to cash-to-scrip dividend conversion policy of the company.

In a recent review, Chief Executive Officer, Stanbic IBTC Holdings Plc, Yinka Sanni, while acknowledging that the regulatory and economic environment could sometimes be challenging, said the company remained resolute in its target to emerge as Nigeria’s leading end-to-end financial solutions provider.

“While we look to 2020 with great optimism, we are fully aware of the challenging macro-economic and regulatory headwinds that we must contend with as we enter a new decade. Nonetheless, our strategic journey towards becoming the leading end-to-end financial solutions provider by 2023 continues as we leverage our universal capabilities whilst focusing on cost management, digitilisation and client centricity in accelerating growth in 2020,” Sanni said.


He added that the Stanbic IBTC continues to benefit from its adoption of a digital strategy as well as operating a holdings company structure which enables subsidiaries to cross-sell and also leverage expertise within the group.
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#2
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