Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has released its audited financial results for the first half of 2023, showcasing a remarkable surge in profitability and key financial metrics.
In the first half of 2023, Stanbic IBTC recorded Profit Before Tax (PBT) of N82.99 billion, up 108 per cent from the PBT recorded in the same period for 2022.
Profit After Tax (PAT) of N67.92 billion was achieved in the first half of 2023, up 121 per cent for the same period in 2022.
Driven by robust growth across its revenue streams, the company’s net interest income rose by 44 per cent, amounting to N72.68 billion. Additionally, non-interest revenue surged by an impressive 57 per cent, reaching N98.62 billion.
The Stanbic IBTC Bank Purchasing Manager Index (PMI) rebounded, surpassing the 50-point mark in April 2023, to close at 53.2 in June 2023, indicating positive economic trends. Improved access to cash, heightened customer demand, and business expansion contributed to the resurgence.
The company’s financial position saw significant strengthening, evident in key metrics such as total assets, gross loans and advances, and customer deposits. Total assets increased by 47 per cent to N4.45 trillion, while gross loans and advances surged by 37 per cent to N1.70 trillion. Customer deposits reached N1.64 trillion, marking a growth of 32 per cent.
Dr. Demola Sogunle, Chief Executive, Stanbic IBTC, said, “The first half of 2023 was an eventful one for us as an organisation within the Nigerian operating environment…we reported significant growth in our key income lines during the period under review.
“The Group’s profitability increased by over 100 per cent year-on-year (YoY), driven by growth across our revenue streams. Interest income grew by 62 per cent YoY, mainly due to higher yield and volume of loans and investments, which aligns with our efforts to support our clients through loan offerings and investment opportunities.”
