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Stanbic IBTC posts N62.7 billion pre-tax profit in Q1 2024

Stanbic IBTC Holdings Plc has released its unaudited financial statement for Q1 2024, posting a pre-tax profit of N62.7 billion, representing a 73% year-on-year growth of the N36.3 billion pre-tax profit posted in Q1 2023.

The group posted a total income of N138.2 billion during the quarter, representing a 71% growth from the N80.9 billion total income posted in Q1 2023.

The bulk of the group’s income came from interest income, as the group posted a net interest income of N76.9 billion, marking a 111.4% YoY growth of the N36.4 billion net interest income posted in Q1 2023.

Key Highlights Q1 2024 vs Q1 2023

  • Net interest income: N76.9 billion, +111% YoY
  • Non-interest revenue: N61.3 billion, +38% YoY
  • Total income: N138.2 billion, +71% YoY
  • Net impairment charge on financial assets: N7.1 billion, +117% YoY
  • Income after credit impairment charges: N131.1 billion, +69% YoY
  • Profit before tax: N62.7 billion, +73% YoY
  • Profit for the period: N45.6 billion, +58% YoY
  • Earnings per share: N3.45, +59.7% YoY
  • Cash and cash equivalent at the end of the period: N1.44 trillion, +133% YoY
  • Loans and advances: N2.2 trillion, +9% YTD
  • Total assets: N6.0 trillion, +16% YTD

What you should know

A significant source of income for the group was interest income, reflective of the hike in the country’s benchmark rate to 22.75% during the quarter.

Stanbic IBTC posted an interest income of N92 billion on loans and advances to customers, representing a 120% year-on-year growth from the N41.9 billion posted in the corresponding quarter in 2023.

Also, the group’s corporate and investment banking segment was the highest earner during the quarter, posting a total income of N70 billion, followed by the group’s insurance and asset management segments with a total income of N28.8 billion.

Stanbic IBTC Asset Management Limited generated N23.9 billion in asset management fees during the quarter, representing a 50% YoY growth from the N16.0 billion posted in Q1 2023.


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