By Tony Obiechina, Abuja
Stanbic IBTC has published its interim consolidated and separate financial statements for the half-year period ended June 30, 2024.
The report indicates a significant increase in the group’s profit after tax, which rose by 71.33 per cent to N116.37bn, compared to N67.92bn in the same period last year.
This growth was achieved despite the challenging economic environment, characterized by high inflation rates.
Although the latest inflation data from the National Bureau of Statistics (NBS) showed a slight decrease in Nigeria’s headline inflation rate to 33.40 per cent in July 2024 from 34.19 per cent in June 2024, the inflation rate remains substantially high.
According to the financial report, the group’s profit before tax surged by 77 per cent to N147bn, up from N82.99bn recorded in 2023.
Additionally, the report revealed that Stanbic IBTC’s gross earnings grew by 77.44 per cent in the first half of the year, reaching N378.55bn, compared to N213.33bn during the same period in the previous year.
The bank also reported a 123.23 per cent increase in interest income, which amounted to N246.13bn, up from N110.26bn in the corresponding period of 2023.
This increase was driven by a rise in investment securities, including treasury bills and bonds.
The interest expenses were valued at N71.83bn in the half year of 2024 from N37.58bn in the comparable period of 2023 representing a growth of 91.16 per cent.
Net interest income rose by 139.79 per cent from N72.68bn to N174.29bn in 2024. READ ALSO:
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