Stories from Ngozi Onyeakusi, Lagos
Nigeria’s Stanbic IBTC Holdings has announced 48 percent surge in its nine-month pre-tax profit as it stood N30 billion against 2013 figure.
According the banks fillings with Nigerian Stock Exchange (NSE) Gross earnings at the mid-tier lender, rose to N94.6 billion during the period to Sept. 30, from N82.9 billion during the same period last year, the local unit of South Africa’s Standard Bank.
The bank in its unaudited results for the six months ended June 30, 2014 showed a decline in operating cost which supported its cost to income ratio to 58 per cent.
However, the uptick in the group’s non performing loan (NPL) ratio to 4.8 per cent in the period under review, compared to the 4.4 per cent it stood as at December 2013, remains a concern to industry watchers.
But its cost of risk improved to 0.9 per cent, as against the 1.5 per cent it was in the first quarter of 2014. Stanbic IBTC recorded gross earnings of N61.5 billion, an increase of 13 per cent over the N54.5 billion recorded in the comparable period of 2013.
Its net interest income was up by 28 per cent to N23 billion as at the end of June 2014, from N17.9 billion last year, while nonâ€interest revenue advanced by 13 per cent to N27.3 billion.
Similarly, just as the group’s total operating income climbed by 20 per cent to N50.3 billion, from N42 billion as at June 2013, its profit before tax increased by 50 per cent to N19.6 billion.
Profit after tax also increased by 56 per cent to N15.9 billion, from N10.2 billion as at June 2013.
Never miss a moment! Get the stories shaping Nigeria, delivered straight to your phone. Follow Peoplesdaily Newspaper on WhatsApp for breaking news, exclusive reports, and the headlines everyone will be talking about, before anyone else.
