Stanbic IBTC reports N131bn gross earnings

Stanbic IBTC Holdings plc, a member of Standard Bank Group, has announced its audited results for the year ended December 31, 2014, with gross earnings growing by 17 percent to N130.6 billion. The figure stood at N111.2 billion in the corresponding period of 2013.

Profit after tax grew by 54 percent to N32.1 billion, as against the prior year’s N20.8 billion.  Similarly, profit before tax recorded an increase of 63 percent to N40.1 billion in the 2014 financial year, up from N24.6 billion recorded in 2013.

The Group also made other significant gains during the period under review. Total assets increased to N944.5 billion last year, a 24 percent increase compared to the N763 billion recorded in December 2013. The growth in the balance sheet size was driven by significant increases in loans and advances to customers and other financial investments. Gross loans and advances grew by 36 percent to N413.4 billion, compared to N303.3 billion recorded in December 2013, while customer deposits rose to N494.9 billion from N416.4 billion in the corresponding period of 2013, representing an increase of 19 percent.

Chief Executive Officer, Stanbic IBTC Holdings Plc, Sola David-Borha, stated that the strong performance, despite the effect of declining crude oil prices on the operating environment, is evidence of the positive outcome of the group’s strategy of growing the client base across target and key market segments while maintaining a principled credit process.

“Our financial performance maintained its growth trajectory from our 2013 performance, as operating income and profit after tax increased by 23% and 54% respectively. We managed our loan book and deposit liabilities efficiently leading to higher net interest margins. Increase in client transaction volumes and product adoption impacted positively on our non-interest revenue, while a disciplined approach to cost saw our cost-to-income ratio improve to 58.6% from 68.0% recorded in 2013.”

She said the future holds great promise for all stakeholders as the Stanbic IBTC Group continues to seek opportunities in high growth sectors of the Nigerian economy to grow its business, while sticking with its robust business model anchored on the prudent management of resources. “We remain positive in 2015, despite the envisaged volatility in economic conditions, to deliver best-in-class services to our customers and provide value for our shareholders,” she stated.

Following the adoption of the holding company structure in 2012, the operating subsidiaries of Stanbic IBTC Holdings Plc are Stanbic IBTC Bank (including Stanbic Nominees Nigeria Limited), Stanbic IBTC Pension Managers Limited, Stanbic IBTC Asset Management Limited, Stanbic IBTC Stockbrokers Limited, Stanbic IBTC Trustees Limited, Stanbic IBTC Ventures Limited.

Stanbic IBTC Holdings Plc, a member of Standard Bank Group, is a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management.