Stanbic IBTC has recorded a 53 percent growth in interest income to N50.4 billion in the first quarter of 2023, driven largely by loans and advances to customers, interest on investments.
According to findings by BusinessDay, the holding company’s interest income was on the back of interest on loans and advances to customers which stood at N41.9 billion, interest on investments (N7.9 billion), interest on loans and advances to banks (N621 million) and interest on installment sales & finance lease (N7 million).
The holding company also incurred an interest expense of N14.04 billion which further led to a net interest income that stood at N36.4 billion, up 56 percent from N23.4 billion in the period reviewed.
Stanbic IBTC Holding’s interest expense stood at N14.04 billion; this was driven by borrowed funds which amounted to N6.9 billion, term deposits (N3.05 billion), interbank deposits (N2.1 billion) and savings deposits (N930 million).
Other contributors to Stanbic IBTC Holdings’ Q1’2023 interest expense include current accounts, call deposits, lease expenses which amounted to N634 million, N389 million and N4 million respectively.
The holding company recorded a 37.7 percent increase in non-interest income to N44.6 billion in Q1 ‘2023 from N32.4 billion in the similar period of 2022.
Trading revenue grew 89.5 percent to N19.9 billion on the back of fixed income and currencies, equities in the first three months of 2023.
Stanbic IBTC Holdings quarterly profit after tax amounted to N28.9 billion, a 91.4 percent increase from N15.1 billion while the profit before tax stood at N36.3 billion from N19.6 billion which indicates 85 percent increase.
The total income received by Stanbic IBTC Holdings stood at N81 billion, a 45 percent increase from N55.8 billion in the reviewed period.
Stanbic IBTC Holdings loans to customers stood at N1.2 trillion year on year while loans and advances to banks dropped 35 percent to N2.2 billion from N3.4 billion in the comparable periods.
Deposits from customers amounted to N1.3 trillion, 8 percent increase from N1.2 trillion while deposits from bank’s amounted to N465.7 billion, 5 percent increase from N491.1 billion.
The holding company recorded a 17 percent uptick in operating expenses to N41.4 billion in Q1 ‘2023 from N35.3 billion in Q1’ 2022 driven by 19.6 percent increase in other operating expenses and 13 percent growth in staff cost.
Cash and cash equivalents at the end of the period stood at N617.3 billion from N739.1 billion. Movement in Stanbic IBTC Holdings’ cash and cash equivalent reveals that net cash flows from operating activities amounted to N99.5 billion from N117.2 billion.
Net cash flows used in investing activities amounted to N117.8 billion negative cash flow from a positive of N372.02 billion in the comparable period.
Net cash flows used in financing activities amounted to N8.7 billion in the first quarter of 2023 from N33.5 billion in the first quarter of 2022.
Total profit attributable to equity holders of the parent company amounted to N28.05 billion in the first three months of 2023, 96 percent increase from N14.3 billion in the similar period of 2022.
Earnings per share stood at N216 per share in the first quarter of 2023 from N111 per share in the first quarter of 2022.