Stanbic IBTC Holdings Plc has recorded gross earnings of N212.4 billion and Profit After Tax (PAT) of N48.4 billion for the 2017 financial year.
Specifically, the bank’s audited result for the year ended December 31, 2017, showed 36 percent rise in gross earnings to N212.4 billion from N156.4 billion achieved in the corresponding period in 2016.
Similarly, the bank’s PAT stood at N48.4 billion, representing a growth of 70 per cent over N28.5 billion recorded in 2016.
The bank’s profit before tax grew by 64 percent from N37.2 billion to N61.2 billion recorded during the period under review.
Total assets increased to N1.386.4 trillion last year, a 32 percent boost compared to the N1.053.5 trillion recorded in December 2016.
According to a statement by the bank, the growth in the balance sheet size was driven mainly by customer deposits, which recorded a growth of 34 percent to N753.6 billion in 2017 from N561.0 billion in 2016.
Gross loans and advances also rose by eight percent to N403.9 billion, compared to N375.3 billion recorded in December 2016.
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The group’s total capital adequacy ratio of the bank closed at 23.5 percent, which is significantly higher than the 10 percent minimum regulatory requirement while liquidity ratio during the year further improved to 115.4 percent at the end of the year.
Stanbic IBTC Bank’s liquidity ratio also increased to 102.3 percent (2016: 59.1 per cent). This is above the regulatory minimum requirement of 30 percent and indicates the Group’s sound position to continue meeting its liquidity obligations in a timely manner.
The Chief Executive of the bank, Yinka Sanni, said the improved performance was evidence of the positive outcome of the group’s strategy of growing the client base across target and key market segments while maintaining a principled credit process.
“The Group reported its best profitability results since inception. We achieved a 70 per cent growth in profit after tax amid healthy capital and liquidity levels. Our balance sheet grew by 32 per cent to N1.39 trillion and this was funded mainly by customer deposit growth of 34 per cent,” Sanni stated.
Source: G Business
