By Nkiruka Nnorom
Stanbic IBTC Holdings Plc has posted N74.4 billion profit after tax, PAT, for the year ended December 31, 2018, 54 percent increase compared to N48.4 billion recorded in 2017.
Details of the result showed the group grew its topline earnings for the financial year to N222.4 billion, representing 4.7 percent growth compared to N212.4 billion in the corresponding period in 2017.
Other key performance indicators were equally impressive. The group’s total assets grew by 20 percent to N1.67 billion compared to N1.39 billion in December 2017. Profit before taxation was N88.2 billion, up by 44 percent compared to N61.2 billion achieved in the same period in 2017. Customer deposit grew by seven percent to N807.7 billion from N753.6 billion in the corresponding year.
The gross non-performing loans decreased by 50 percent to N17.7 billion against N35.3 billion in 2017, indicating the company’s ability to reduce its toxic assets appreciably. The decrease impacted positively on the gross non-performing loan to total loan ratio, which improved to 3.9 percent, well below the regulatory mark of five percent, as against the 8.6 percent recorded in 2017.
Mr Yinka Sanni, CEO, Stanbic IBTC Holdings, commenting on the results said the balance sheet size was impacted by “growth in risk assets and financial investment portfolio,” a reflection of investment expertise and quality management.