Stanbic IBTC Grows HY Earnings by 17.5%, Profit up by 79%

By Dipo Olowookere

The board of Stanbic IBTC Group has finally released its financial scorecard for the first half of this year.

The document containing spending of the firm in the first six months of this year was released by the Nigerian Stock Exchange (NSE) on Thursday.

In the results analysed by Business Post, the financial powerhouse grew its gross earnings by 17.5 percent to N114.2 billion from N97.2 billion recorded in the corresponding period of 2017.

Also, the profit before tax increased to N50.7 billion from N29.2 billion, while the profit after tax went up to N43.1 billion from N24.1 billion, indicating a 78.7 percent growth.

During the period under review, the non-interest revenue jumped to N53.8 billion from N40.3 billion, while the net interest income dropped to N40.2 billion from N41 billion.

However, the basic earnings per ordinary share rose in H1 2018 to N4.16k from N2.30k in H1 2017.

A look at the balance sheet showed that value of the total assets was N1.37 trillion as at June 30, 2018 versus N1.39 trillion as at December 31, 2017.

In addition, the total liabilities stood at N1.16 trillion as at June 30, 2018 in contrast to N1.20 trillion as at the end of the 2017 financial year.

View the full financial statements here.