Stanbic IBTC Bank Plc, a member of the Standard Bank Group and Nigeria’s biggest tier-2 banks has released its half year ended June 2020 audited financial statement to the public. The result revealed that the lender’s H1 2020 Profit After Tax (PAT) grew by 25 percent Year-on-Year (YonY) to N45.2 billion from N35.3 billion in same period in 2019.
The Bank’s 94 percent growth in Trade Revenue from N17.6 billion in H1 2019 to N34.3 billion in same period in 2020, saw the Non-Interest income increased by N15 billion, representing 17 percent growth from N54.9 billion in H1 2019 to N69.8 billion in 2020 half year. And this ultimately dovetailed into the 25 percent growth Profit After Tax (PAT) for the period despite the substantial growth in Impairment charges for the bank.
Here are the other highlights of the H1 2020 results published by Stanbic IBTC Bank Plc
- Gross Earning of N126.6 billion, up 8% YonY, Jun 2019 – N117.4 billion
- Net-interest income of N37.6 billion, down 4% YonY, Jun 2019 – N39.3 billion
- Non-Interest Income up by 27% to N69.8 billion YonY from N54.9 billion
- Net Impairment Charge for Credit Losses of N6.4 billion, up 124% YonY, Jun 2019 – gains of N0.6 billion
- Profit Before Tax up 17% YonY to N44.7 billion from N52.4 billion
- Profit After Tax for the period up by 25% YonY to N45.2 billion from N36.3 billion
Statement of Financial Position
The Balance Sheet size of Stanbic IBTC Bank also had a 6-month growth for the period ended 30 June 2020. Total Assets grew 61%. Loan and Advances to Customers was up by 8%, and Deposit from Customers was also up by an impressive 21% in the 6 months period. Total Equity grew as well by 11% to close Q2 2020 at N336.5 billion.
- Total Assets up 61% year to date (ytd) to N3.0 trillion from N1.9 trillion in Dec 2019
- Loans and Advances to Customers up 8% ytd to N0.58 trillion from N0.54 trillion
- Deposits from Customers up 21% ytd to N0.77 trillion from N0.64 trillion