Stanbic IBTC records N183bn earnings, N66bn profit in nine months

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Stanbic IBTC Holdings Plc has announced its financial results for the nine months ended September 30, 2020, showing increased in performance indicators.

Contrary apprehension that the impact of the COVID-19 pandemic on the economy might affect the performance of financial institutions, Stanbic IBTC Holdings still recorded improved bottom-line.

It recorded gross earnings of N183.286 billion in 2020, showing an increase of four per cent compared with N176.157 billion posted in the corresponding period of 2019.

Net interest income stood at N56.257 billion as against N58.672 billion in 2019, while non-interest income grew from N81.939 billion to N98.453 billion in 2020. Net impairment charges jumped to N6.998 billion as against a write back of N90 million in the corresponding period 2019.

Stanbic IBTC Holdings Plc ended the period with a profit before tax (PBT) of N76.865 billion in2020, up from N69.108 billion in 2019, while profit after tax (PAT) grew faster by 19.2 per cent to N66.163 billion from N55.552 billion in 2019.

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