Stanbic IBTC Holdings PLC, a member of the Standard Bank Group, has announced its mid-year audited results for the period ended June 30, 2019, which saw the group recording an increase in gross earnings to N117.4 billion, representing a three per cent growth. The company also maintained its total operating income of N94bn, as the group also announced an interim dividend of 100 kobo.
According to Stanbic IBTC’s income statement, Profit Before Tax stood at N44.7bn, while PAT was N36.2bn. Other results reflect an increase in non-interest revenue which stood at N54.9bn, while net-interest income was N39.3bn. Stanbic’s balance sheet reflects that the group’s total assets was N1,619.3bn while the gross loans and advances was N479.7bn, an increase in five per cent, compared to last year’s figures.
While customers’ deposits hit N693.5bn, there was an improvement in current-and-savings-accounts deposits mix which went up to 68.9 per cent. Yinka Sanni, Chief Executive, Stanbic IBTC, stated that assets under custody rose to N7tn (representing a 42 per cent growth) while assets under management grew by eight per cent to N3.5tn.
Sanni highlighted three areas through which Stanbic IBTC Holdings achieved growth targets as EZ cash loan/advance, a recently launched instant credit solution; enhanced migration of customers to digital platforms and the launch of RetireWell Individual Retirement Savings Account, a retirement savings account targeted at self-employed individuals.
