Stanbic IBTC Holdings Plc has declared a profit after tax of N16.074 billion for the first quarter ended March 31, 2017. This showed an increase of 106.31 per cent over the N7.791 billion recorded in the corresponding period of 2016.
The results released to the Nigerian Stock Exchange (NSE) yesterday in Lagos showed that its profit before tax rose to N18.626 billion, translating into an increase of 81.84 per cent over the prior year’s N10.243 billion, while its earnings per share rose to N1.55 from 68 kobo.
Details of the result show that Stanbic IBTC Holdings’ gross earnings, which stood at N47.022 billion in first quarter, 2017 signified a growth of 35.2 per cent from N34.780 billion in 2016. Loans and advances to customers decrease to N339.259 billion from N352.965 billion, while deposits from customers grew to N593.267 billion compared to N560.969 billion in 2016.
The firm’s total assets increased to N1.165 billion during the 2017 first quarter from N1.054 trillion recorded during the same period of 2016, while the total liabilities also increased by 10 per cent from N912.725 billion in 2016 to N1.009 trillion at the end of 2017 first quarter.
Stock market analysts said that despith the difficult economic environment, the bank first quarter result for 2017 is impressive. The holding company said “Stanbic IBTC Holdings remains confident about the prospects of our business going forward. We are confident we can continue to deliver exceptional value to our customers in the coming year by improving service experience in our channels and providing innovative solutions to meet their financing requirements.”