Stanbic IBTC Holdings Plc has posted a profit after tax of N82.06 billion for the first quarter of 2025, marking an 80% growth from N45.64 billion recorded in the same period of 2024.
The financial services group released its unaudited financial performance in a report filed with the Nigerian Exchange Limited. The total income for the group grew by 47% to N203.01 billion, up from N138.24 billion in the first quarter of 2024. This growth was primarily driven by a significant increase in net interest income, which surged by 95% to N149.89 billion in Q1 2025, compared to N76.90 billion in the same period last year. The increase in interest rates and higher yields on financial instruments were key contributors to this growth.
However, non-interest revenue saw a slight decline of 13%, dropping to N53.12 billion from N61.34 billion in the first quarter of 2024. This decline was mainly due to lower trading revenue, which recorded a loss of N6.97 billion, compared to a gain of N17.56 billion in the previous year.
Net fee and commission revenue showed a notable increase of 45%, rising to N60.29 billion from N41.69 billion, supported by higher transaction volumes and increased client activities across Stanbic IBTC’s business units.
Additionally, the group recorded a net impairment write-back of N3.45 billion, a reversal from the net impairment loss of N7.11 billion in Q1 2024. This recovery further strengthened the group’s financial results.
Operating expenses increased by 32% to N90.05 billion, up from N68.42 billion in the first quarter of 2024. Staff costs reached N24.60 billion, while other operating expenses were N65.45 billion. These increases reflect the effects of inflation, higher regulatory costs, and ongoing investments in technology and business expansion.
Despite the rise in operating costs, Stanbic IBTC achieved an impressive 86% growth in profit before tax, reaching N116.42 billion in Q1 2025, compared to N62.71 billion in the same period last year. After accounting for N34.35 billion in income tax, the group posted a profit after tax of N82.06 billion. Earnings per share increased significantly to 625 kobo, compared to 345 kobo in Q1 2024.
On the balance sheet side, Stanbic IBTC grew its total assets by 7% to N7.40 trillion as of March 31, 2025, up from N6.91 trillion at the end of December 2024. This growth was mainly driven by increases in cash and cash equivalents, trading assets, loans and advances, and financial investments. Total loans and advances to customers slightly decreased to N2.26 trillion from N2.35 trillion at the end of December 2024. Customer deposits rose to N3.05 trillion in March 2025, from N3.01 trillion in December 2024, reflecting continued customer trust in the bank.
The group’s shareholders’ funds also grew, reaching N755.76 billion at the end of March 2025, up from N670.65 billion in December 2024, largely supported by retained earnings and strong profitability.
In related news, Stanbic IBTC Holdings Plc reported a profit after tax of N202.1 billion for the full financial year ended December 31, 2024, which represents a 44% increase from N140.6 billion recorded in 2023.
