Fidelity bank card banner Camano banner
Stanbic IBTC maintains strong liquidity, grows FY 2018 PAT by 54 pct

By News Express on 13/03/2019

Views: 390

•Stanbic IBTC CEO Yinka Sanni
•Stanbic IBTC CEO Yinka Sanni

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has released its audited financial results for the financial year to December 31, 2018 to the Nigerian Stock Exchange (NSE), which showed a strong liquidity position.

The results, released to the Exchange on Wednesday, showed the group grew its topline earnings for the financial year to N222.4 billion, compared with the N212.4 billion it achieved in the same period of 2017. Bottomline grew by 54% as profit after tax moved up to N74.4 billion compared with the N48.4 billion achieved in December 2017.

Other key performance indicators were equally impressive. The group’s total assets grew by 20% to N1,663.7 billion compared with the N1,386.4 billion in December 2017. Profit before taxation was N88.2 billion, up by 44% compared with the N61.2 billion in 2017. Customer deposit grew by 7% to N807.7 billion from N753.6 billion in the corresponding year. Of note was the company’s ability to reduce its toxic assets appreciably. The gross non-performing loans decreased by 50% to N17.7 billion compared with N35.3 billion in 2017. This decrease impacted positively the gross non-performing loan to total loan ratio, which improved to 3.9%, well below the regulatory mark of 5%, as against the 8.6% recorded in 2017. The non-performing loans figure is even more impressive when viewed against the 14% (N458.9 billion in 2018 - N403.9 billion in 2017) increase in gross loans and advances achieved in the financial year.

The Chief Executive, Stanbic IBTC Holdings PLC, Mr Yinka Sanni, says the balance sheet size was impacted by “growth in risk assets and financial investment portfolio,” a reflection of investment expertise and quality management, which saw its non-interest revenue rose by 15% to N102.6 billion from N89.2 billion in 2017.  According to Sanni, “Strong growth in fees and commission income as well as write-backs, which resulted from recoveries made on previously written off loans and reversals on some non-performing loan, contributed to the strong showing.”

Stanbic IBTC said performances across its three divisions, Corporate and Investment Banking, Wealth Management businesses, and Personal & Business Banking, were strong and contributed to the turnover.

Sanni assured: “As a financial institution we will continue to leverage on our universal financial services capability, unrelenting focus on cost control, digitisation and client centricity to ensure that we continue to grow our capacity to provide incomparable high quality end-to-end financial solutions to our customers in a sustainable manner.”

Source News Express

Posted 13/03/2019 10:03:54 AM

 

 

CLASSIFIED ADS

 

You may also like...
Court reschedules hearing on $6.3m fraud case against...

MASSOB replies IPOB, denies betraying Biafra struggle

The blessings of problems! (Part Two)

Gunmen kidnap nursing mother, 22 other travellers

EFCC quizzes 29 suspects over alleged illegal oil...

Satanic surgeon tattoos initials on patient’s liver

Nyanya bombing mastermind falls into Interpol’s net in...

Nigeria gets 14 new police commissioners •Their names...

David Mark’s daughter dumps PDP for APGA

NBA shifts election to Aug. 19; electoral committee...

Breaking News: Kidnapped Sun DMD’s wife regains freedom...

Activists damn Tuface, insist on anti-government rallies today...

 

Latest News Presidential Election Tribunal turns down PDP’s request for more time to close case UNVEILED: Persecuted Nigerian Christian hosted in White House by US President Trump (PLUS PHOTO) Why most state governors have not formed cabinets — Intersociety *Hits Speaker Gbajabiamila for appointing 33 aides Funke Olakunrin: We can no longer allow our people to be killed like chickens — Gani Adams Kidnapped 5-year-old Bayelsa girl still held in captivity after payment of N1m ransom Adegboruwa sends SOS to Sanwo-Olu over Ikoyi Cancer Treatment Center Nigerian Prof. dismissed by Ghana varsity opens up Man who married two sisters commits suicide over adultery Call your violent members to order, CAN tells Miyetti-Allah Immigration officer, 14 others in EFCC net for alleged passport racketeering Abia Poly begins online publication of results El-Rufai appoints new Accountant-General, DG KADGIS

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (509,735 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (431,453 views) Shameless Genevieve Nnaji exposes breasts in public (373,386 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (316,685 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (282,411 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (247,165 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (239,184 views) 10 cars more expensive than Jets (223,578 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (221,167 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (208,716 views) Lagos plane crash: Journalist releases victims’ names (188,313 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (186,946 views)

 

NLNG Job Vacancy

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (97) Business & Economy (4,356) Business Verdict (76) Columnists (1,074) Complaints & Requests (95) Enterprise & Opportunities (211) Entertainment (635) Features (779) Global Business Monitor (396) ICT Monitor (53) International (3,723) Interview (192) Live Commentary (30) Love Matters (163) Maggie's Blog (342) News (48,805) Opinion (1,290) Pidgin (17) Politics (11,167) Religion (1,051) Sports (2,101) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera