STANBIC IBTC posts N42.2 billion profit after tax for H1 2020

Stanbic IBTC holdings Plc has posted a commanding profit of N42.2 billion in H1 2020 thus recorded 17.4% increase in profit before tax from N44.65 billion to N52. 41 billion.

The Bank posted Profit After Tax (PAT) of N42.2 billion in the first half of 2020 as against N36.2 billion posted same period in 2019.

It recorded 17.4% increase in Profit Before Tax from N44.65 billion to N52.41 billion while the Net Assets grew by 11.3% from N302.23 billion recorded as at December 2019 to N336.52 billion.

Gross Earnings: Gross earnings (N126.57 billion) increased by 7.8% when compared to N117.37 billion recorded in the corresponding period of 2019. The increase in its gross earnings is attributable to its improved performance in Non-Interest income which increased from N54. 85 billion to approximately N69.80 billion indicating a 27.24% increase, while both its Income Before Impairment Charges and Income After Impairment Charges also appreciated by 14. 0% and 6.57% Year-on-Year respectively.

The effect of the increase in Non-interest income and impairment charges helped to neutralize the effect of the decline recorded in its Net Interest Income which decreased from N39.31 billion to N37.54 billion Year-on-Year indicating a 4.4% decline. The year-on-year decline recorded in the Net Interest Income was due to lower returns recorded for Interest on Loans and advances to banks and Interest on investment.

Basic Earnings Per Share: The Basic Earnings Per Share increased by 22.5% from 342 kobo to 419 kobo. The firm proposed payment of a dividend of 40 kobo per share. As of the closing of the gong on Thursday, the share price of Stanbic IBTC holdings still remained at N37.5 at the Nigerian Stock Exchange market.

Credit: Nairametrics