Stanbic IBTC Holdings Plc, a member of Standard Bank Group, says the 70 per cent growth in its profit after tax for the year ended 31 December 2017, is its best profitability results since inception.
The lender said this in a statement on Wednesday after it released its 2017 audited financial results to the Nigerian Stock Exchange.
Its gross earnings during the period surged to N212.4bn while profit after tax increased to N48.4bn. With gross earnings at N156.4bn in December 2016, the 2017 figure represented a growth of 36 per cent.
On the other hand, profit after tax grew by 70 per cent as against the prior year’s N28.5bn. Similarly, profit before tax went up by 64 per cent to N61.2bn in 2017 as against N37.2bn recorded in the corresponding period of 2016.
The group also made other significant improvements across all three divisions during the period under review. Total assets increased to N1.386.4tn last year, a 32 per cent boost compared to the N1.053.5tn recorded in December 2016.
The growth in the balance sheet size was driven mainly by customer deposits, which recorded a growth of 34 per cent to N753.6bn in 2017 from N561bn in 2016. Gross loans and advances grew by eight per cent to N403.9bn, compared to N375.3bn recorded in December 2016.
The Chief Executive Officer, Stanbic IBTC Holdings, Yinka Sanni, in the statement, said the strong performance was evidence of the positive outcome of the group’s strategy of growing the client base across target and key market segments while maintaining a principled credit process.
“The group reported its best profitability results since inception. We achieved a 70 per cent growth in profit after tax amid healthy capital and liquidity levels. Our balance sheet grew by 32 per cent to N1.39tn and this was funded mainly by customer deposit growth of 34 per cent,” Sanni stated.
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