By Nkiruka Nnorom
Stanbic IBTC Holdings Plc has announced 78 per cent increase in profit before tax, PBT, to N18.6 billion from N10.2 billion for the first quarter ended March 31, 2017.
The result, presented to the Nigerian Stock Exchange, NSE, showed that the PBT rose by 106 per cent to N16.1 billion, as against N7.8 billion in March 2016. Gross earnings stood at N47.0 billion, representing an increase of 35 percent over the N34.8 billion recorded in the comparable period of last year. Total assets went up 11 percent to N1.2 trillion from N1.1 trillion in December 2016.
Speaking on the result, Mr. Yinka Sanni, Chief Executive Officer, Stanbic IBTC Holdings, said, “I am delighted to announce another strong performance for the first quarter of 2017 following the recent release of our full yaer 2016 results. Stanbic IBTC Group achieved significant growth in profit after tax by over 100 per cent, despite the challenging trading environment which was characterized by challenges with FX liquidity, difficult credit environment and an increasing cost of operations.”
He added, “We remain positive that economic activities will improve as the Nigerian economy is beginning to show signs of positive outlook due to an increase in the supply of foreign exchange to both retail and corporate users and decreasing headline inflation. As we focus on driving our objective to be the leading end-to-end financial solutions provider in Nigeria, we will continue to leverage on our upgraded digital channels and our membership of the Standard Bank Group.”
The group’s liquidity ratio closed at 94.35 percent, while the bank’s liquidity ratio was at 83.99 per cent at the end of Q1 2017. These ratios are significantly higher than the 30 per cent regulatory minimum, Sanni said.
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