Stanbic IBTC Holdings: Q1’17 results – Profit soars 100.4%

Stanbic IBTC has released its results for Q1’17 with Gross Earnings markedly increasing by 35.2 percent to N47.0 billion.

After tax earnings spiked by 100.4% to N16.1 billion from N8.0 billion in the previous year. Interest income grew remarkably by 51.8 percent to N26.8 billion on the back of increased yields on interest bearing assets (the Company recorded growth in financial assets of 11 percent in Q1’17)

Non-interest revenue grew by 18.7 percent to N20.1 billion, driven by growth in trading revenue, as FX liquidity increased substantially in Q1’17. The bank’s OPEX increased by 15.5 percent to N17.0 billion, while Cost to income ratio however declined to 43.7 percent in Q1’17 from 53.6 percent in Q1’16 following the strong revenue growth.

Total asset and net assets also grew by 10.6 percent and 10.8 percent to N1.17 trillion and N156.0 billion respectively.