Stanbic IBTC Group reports 10% growth in revenue in 9 months

Stanbic IBTC Holdings, a member of Standard Bank Group, has announced its nine months unaudited results for the period ended 30 September 2015 with Gross earnings of N104.4 billion, an increase of 10 percent compared N94.6 billion in 2014.

The Group’s total assets went up by 6 percent to N1,000.8 billion in September 2015 from N944.5 billion in December 2014.

The group maintained adequate capital to support its business in nine months 2015 and are well above the regulatory requirement. The group’s total capital adequacy ratio closed the period at 20.6 percent (Bank 15.7 percent, while the tier 1 capital adequacy ratio stood at 17.2 percent (Bank 12.1%). These ratios are well above the 10 percent minimum statutory requirement.

Also, the group’s liquidity ratio stood at 51.2 percent, while the Bank’s liquidity ratio was at 48.5 percent at the end of nine months 2015. This ratio is significantly higher than the 30 percent regulatory minimum.

Speaking from the Group’s headquarters in Lagos, Sola David-Borha, CEO, Stanbic IBTC Holdings, said, “Our business continues to thrive in the third quarter of 2015 despite the stiff and challenging operating environment. Our performance reflects steady growth in our balance sheet position, improved revenue from fees and commission and continued drive on cost containment measures.

However, net interest income of the Group declined by 5 percent to N32.9 billion, in September from N34.7 billion the previous year.

The group’s Profit after tax of N13.5 billion, was down by 46 percent in September compared to N25.2 billion in 2014. Its Profit before tax of N15.3 billion, declined by 49 percent in September from N30.0 billion in the corresponding period.

Operating income declined by 3 percent while cost growth remained below inflation rate. Loans and advances to customers grew marginally by 1% due to economic conditions and our focused approach to maintain good quality loan book. Deposits to customers grew by 2% during the period as we maintain the focus of reducing cost of funds. The continued slow pace of growth in the economy impacted our results.

“Our focus for the rest of the year is to deliver exceptional service and value to our customers, whilst remaining profitable and improving margins”, David-Borha said.

HOPE MOSES-ASHIKE