Stanbic IBTC’s  profit hits N15b in Q1 2022

…As  deposits from customers grows by 6.72% to N1.20tr

Stanbic IBTC Plc said it’s profit in the first quarter of 2022 stood at N15.07 billion. This reflected a 33.87 percent increase year on year.

In its has Q1 2022 financial result, the bank also reported earnings per share of N1.11, a 35.37per cent growth from the N0.82 reported a year earlier in 2021.

In Q1 2021, the bank’s profit got slashed by 45per cent compared to Q1 2020, still reeling from the impact of the pandemic and its adverse effect on businesses.

However, in Q1 2022, we can see the bank’s profit starting to recover.

The bank in a statement revealed that in Q1 2022, Net interest income grew by 47.75% from N15.86 billion to N23.43 billion in the current period.

Also, the bank’s profit performance is on the back of economic recovery, which is reflected in all margin growth as income from interest, trading income and fees and commission income all appreciated year on year.

The bank earned N33 billion from its lending business as Interest income grew by 57.02per cent from N21.01 billion.

While net impairment loss of N586 million was recorded, income after impairments still appreciated by 41per cent to stand at N55.21 billion.

Stanbic IBTC, however, grew its income from fees and commission rising 4.30per cent to N23.13 billion year on year and also generating a total of N10.50 billion in trading income on securities representing an impressive 225.88per cent increase year on year.

Income from insurance premium grew by 221per cent to be recorded as N183 million.

However, this was subdued by increases in Insurance benefits and claims paid, as well as, insurance premium revenue ceded to reinsurers.

The bank’s e-banking income raked in N1.27 billion, representing a 71per cent spike from N745 million in 2021. This suggests that the bank has really improved in its utilization of the e-banking channels in the delivery of financial services to its customers.

In addition, the bank also grew its deposits from customers by 6.72per cent to N1.20 trillion while its total assets are now N3.10 trillion, almost twice the bank’s total assets in 2018.

Net assets rose 5.08per cent to N396 billion.

The bank recently declared a final dividend per share of N2.00 per share, to be paid on each of the 12,956,997,163 issued ordinary shares, for the period ended December 31, 2021.

The dividend representing N25.91 billion will be paid on May 27, 2022, to the shareholders whose names appear on the Register of shareholders as at April 13, 2022.