Stanbic IBTC Profit Beats Estimates For 8th Time In A Row

(Sundiata Finance) – Stanbic IBTC Holdings Plc, the third largest Nigerian lender by market value, reported a strong second-quarter profit that was aided by increase in interest income on its loan book. Net profit rose to N24.11 billion in the six months to June 30, from N11.31 billion, the company said Tuesday in an exchange filing.
10 analysts polled by BusinessDay expected Stanbic IBTC to report net profit of N17.51 billion. The lender has never fallen short of adding value to shareholders since releasing its 2015 audited financial statement after several months of delay due to a dispute with the Financial Reporting Council (FRC). Stanbic IBTC’s interest income rose by 54.50 per cent to N56.72 billion in June 2017 from N36.71 billion as at June 2016, driven by 182.63 surge in interest income on investment securities. Gross earnings were up 36.27 per cent to N97.19 billion in the period under review.
Non-interest income increased by 26.51 per cent to N40.28 billion in June 2017, up from N34.21 billion the previous year. The lender’s operating expense was up 16.0 per cent to N38.14 billion due to inflationary trend while the cost to income ratio moderated to 47 per cent in the period from 57.70 per cent the previous year on the back of strong growth in operating income.
While operating expenses are rising due to high inflation, Stanbic IBTC is efficient as net margin increased to 24.80 per cent as against 15.80 per cent recorded in June 2016. Stanbic IBTC’s shares have gained 170 per cent since the start of the year, valuing it at N405.20 billion.
The boards of director of Stanbic IBTC have approved an interim dividend of 60k or N600 million on every N0.50 ordinary shares held. This translates to a dividend yield of 1.48 per cent.
Banks in Africa’s most populous nation and largest economy have had earnings spike on the back of the of improved liquidity in the foreign exchange market, thanks to the introduction of the Investors’ and Exporters’ by the central bank.
The cumulative interest income of 10 lenders that have released their half year results showed an increase of 33.30 per cent to N1.26 trillion, from N947.11 billion in June 2016. Stanbic IBTC Holdings’ deposit total customers were up 10.28 per cent to N681.71 billion as against N614.74 billion the previous year.
Total loans to customers increased by 2.20 per cent to N376.63 billion June 2017 from N368.23 billion as at June 2016. (BusinessDay)

Leave a Reply

Your email address will not be published. Required fields are marked *

*

Sundiata Post Media Ltd.

Address: 3rd Floor Office Suite, Bayelsa State Guest House, Plot 1038, Shehu Shagari Way, Maitama, Abuja, Nigeria.
Tel: +234(0)92900705, +234(0)8173460599
Whatsapp: +234(0)8053069436
BBM PIN: 5619150D
Email: info@sundiatapost.com
Website: www.sundiatapost.com

Enugu Regional Office: SW 1 New Haven Shopping Mall, Enugu, Enugu State, Nigeria.
Tel: +234(0)7062582838

London Office: 18 Belgrave Avenue, Wd18 7UE, Watford, United Kingdom.
Tel: +447417554143

Washington Office: 1245 Delafield PI NE, Washington DC 20017, USA.
Tel: 0092404216156

https://twitter.com/sundiatapost/
About Us

SundiataPost is published by Sundiata Post Media Limited, Sundiata Post is Nigeria’s most authoritative online newspaper and ranks among the top five online news platforms in Nigeria.

Guild of Corporate online publishers
ACCREDITED MEMBER
A Glance at Our Advert Rate.

Inside Pages

Size In Pixels - Amount

120×180 - N27,967.50

300×100 - N24,695

Text Link - N11,275

More Details info

About Us | Contact Us | Privacy Policy | Terms of Use | Advert Rate