Stanbic IBTC Holdings Plc, a member of Standard Bank Group, says its profit after tax rose to N75bn in its full-year audited group results for 2019.
A statement said this represented an increase over its year-end 2018 profit after tax, which was N74.4bn. It stated that profit before tax for the year ended December 31, 2019, was N90.9bn, representing a three per cent increase over 2018 figure which stood at N88.2bn.
The company’s non-interest revenue also grew by six per cent to N108.8bn in 2019, from N102.6bn that is recorded in 2018.
Stanbic IBTC Holdings Plc also reported growth in its total operating income, from N180.8bn in 2018, to N186.6bn in 2019, representing a three per cent increase.
As of December 31, 2019, the total assets of the Stanbic IBTC Group stood at N1.876.5tn.
This reflected a 13 per cent increase, when compared to the value of the assets which was N1.66tn as of December 2018.
Speaking on the full year audited group results, the Chief Executive, Stanbic IBTC Holdings Plc, Yinka Sanni, said, “Our financial results were largely in line with market guidance. We achieved double-digit growth in both assets under management and loans.
“Loan-to-deposit ratio was 67.5 per cent, above the regulatory minimum of 65 per cent as of 31st December 2019. Non-performing loans ratio was 3.9 per cent, similar level with the prior year and within the acceptable limit of five per cent.”
This news was Culled from Punch. Click here to view more.
