Stanbic IBTC Holdings maintains strong liquidity, grows FY2018 PAT by 54%

Stanbic IBTC Holdings PLC, a member of Standard Bank Group has released its audited financial results for the financial year to 31 December 2018 to the Nigerian Stock Exchange, which showed a strong liquidity position.

The results, released to the Exchange, showed the group grew its topline earnings for the financial year to N222.4 billion, compared with the N212.4 billion it achieved in the same period of 2017. Bottomline grew by 54 per cent as profit after tax moved up to N74.4 billion compared with the N48.4 billion achieved in December 2017.

Further look into the financial institution’s book revealed impressive performance as groups total assets grew by 20 per cent to N1,663.7 billion compared with the N1,386.4 billion in December 2017.

Profit before taxation was N88.2 billion, up by 44 per cent compared with the N61.2 billion in 2017. Customer deposit grew by seven per cent to N807.7 billion from N753.6 billion in the corresponding year.

The gross non-performing loans of the comoany decreased by 50 per cent to N17.7 billion compared with N35.3 billion in 2017. This decrease impacted positively the gross non-performing loan to total loan ratio, which improved to 3.9 per cent, well below the regulatory mark of five per cent, as against the 8.6 per cent recorded in 2017.

The Chief Executive, Stanbic IBTC Holdings PLC, Mr Yinka Sanni, speaking on the result said the balance sheet size was impacted by growth in risk assets and financial investment portfolio,” a reflection of investment expertise and quality management, which saw its non-interest revenue rose by 15 per cent to N102.6 billion from N89.2 billion in 2017.

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According to Sanni, Strong growth in fees and commission income as well as write-backs, which resulted from recoveries made on previously written off loans and reversals on some non-performing loan, contributed to the strong showing.”

Sanni assured “As a financial institution we will continue to leverage on our universal financial services capability, unrelenting focus on cost control, digitization and client centricity to ensure that we continue to grow our capacity to provide incomparable high quality end-to-end financial solutions to our customers in a sustainable manner.

Stanbic IBTC Holdings PLC, member of Standard Bank Group, is a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African bank by assets.

It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for over 155 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.“