Stanbic IBTC Holdings Plc has released its financial report for the first half of 2023, revealing a staggering 121.46% growth in Profit After Tax (PAT). The PAT rose to N67.919 billion, up from N30.669 billion in the same period last year.
The financial report was filed with the Nigerian Exchange Limited after a delay. The bank stated that the delay was due to seeking approval from its primary regulator, the Central Bank of Nigeria.
Stanbic also reported significant increases in other financial metrics. The Group’s gross earnings surged by 58.18%, and its profit before tax grew by 107.58%.
The directors have recommended an interim dividend of 150 kobo per share. This is the same as the dividend offered for the same period in 2022.
The bank attributed the positive financial results to an increase in Net Interest Income, which rose by 44.35%. Additionally, non-interest revenue saw a 56.64% increase.
Stanbic IBTC’s impressive financial performance in the first half of 2023 is a testament to the bank’s resilience and strategic focus. The 121.46% growth in Profit After Tax is not just a number; it indicates the bank’s robust financial health and ability to navigate a complex economic landscape.
However, the delay in filing the financial report raises questions about regulatory compliance. While the bank cited the need for approval from the Central Bank of Nigeria, such delays can impact investor confidence.
Moreover, despite the significant profit growth, the bank’s decision to maintain the interim dividend at 150 kobo per share warrants scrutiny. Is this a conservative approach to preserve capital, or does it reflect a lack of ambition to reward shareholders more generously?
Did You Know?
- Stanbic IBTC is a Standard Bank Group member, Africa’s largest banking group by assets.
- The bank processed the first inbound commercial transaction on Nigeria’s Pan African Payment and Settlement System.
- Stanbic IBTC’s Purchasing Manager Index moved back above 50 points in April 2023, indicating an expansion in business activities.
- The bank’s total assets increased by 47% to N4.45 trillion.
- Stanbic IBTC’s gross loans and advances grew by 37% to N1.70 trillion.