Stanbic IBTC Holding Plc has announced a pre-tax profit of N303.796 billion for the 2024 financial year that ended on December 31, 2024.
The pre-tax profit represents a 60.23% year-on-year (YoY) growth.
Similarly, post-tax profit increased by 60.23% to N225.311 billion.
A further review of the financial statements suggests the performance can be attributed to strong revenue growth, as gross earnings surged by 78.26% to N823.309 billion, significantly boosting the bank’s bottom line.
- Gross earnings: N823.309 billion; +78.26% YoY
- Interest Income: N566.462 billion; +109.34% YoY
- Interest Expense; N156.011 billion; +63.55% YoY
- Net interest income; N410.4510 billion; +134.29% YoY
- Non-interest revenue: N236.393 billion; +31.35% YoY
- Net fees and commission income: N170.395 billion; +54.52% YoY.
- Net impairment loss on financial assets: N99.359 billion; +543.02% YoY
- Income after credit impairment charges: N547.485 billion; +61.16% YoY
- Profit for the period N225.311 billion; +60.23% YoY.
- Earnings per share N17.10; +61.02% YoY
- Loans and advances to customers N2.348 trillion; +15.15%.
- Cash and Cash equivalents N2.245 trillion; +62.13%
- Total Assets N6.912 trillion; +34.33%.
- Customers’ deposits N3.009 trillion; +45.20%.
- Shareholders’ funds: N670.648 billion; 32.30% YoY
Interest income from loans and advances, as well as investments in securities, continues to be the primary driver of the bank’s revenue.
Interest income from loans and advances accounted for more than 69% of total interest income.
