Stanbic IBTC Holdings Plc recently shared its financial report for the first three months of 2024. In simple terms, this report shows how much money the company made and spent during that time.
Here’s the breakdown:
- Profit Increase: Stanbic IBTC made a profit before tax of N62.7 billion, which is 73% more than what they made in the same period last year.
- Income Growth: The total money they earned (income) during this time was N138.2 billion, which is 71% higher than last year.
- Main Source of Income: Most of their money came from interest earned on loans and investments. They made N76.9 billion from this, which is more than double what they made last year.
Key Comparisons with Last Year:
- Net interest income increased by 111%.
- Other types of revenue (non-interest revenue) increased by 38%.
- Total income increased by 71%.
- The money set aside for potential losses from loans (net impairment charge on financial assets) increased by 117%.
- After accounting for these potential losses, their income was still 69% higher than last year.
- Profit before tax increased by 73%.
- Profit after tax increased by 58%.
- Earnings per share (a measure of how much profit each share of stock represents) increased by nearly 60%.
- They also had more cash on hand, more loans given out, and their total assets increased.
Interesting Facts
- The company earned a lot of money from interest on loans, especially due to an increase in the country’s interest rates.
- They earned N92 billion from loans to customers, which is a big increase from last year.
- The corporate and investment banking part of the company made the most money, followed by insurance and asset management.
- Stanbic IBTC Asset Management Limited made N23.9 billion in fees, a 50% increase from last year.
Overall, the company did very well financially during the first three months of 2024 compared to the same period last year.