Stanbic IBTC grows earning by N26bn in H1 2017, declares 60 kobo interim dividend

 

STANBIC IBTC Holdings Plc has reported a growth of N25.878 billion in its gross earnings for the half year results ended June 30, 2017.
According to the result released to the Nigerian Stock Exchange in Lagos, the bank increased its gross earnings from N71.320 billion it made in half year 2016 to N97.198 billion at the end of current half year.
STANBIC IBTC Holdings reported impressive N24.112 billion profit after tax for the six months ended 30 June, 2017, this is N12.795 billion or 113.06 percent increase upon N11.317 billion it made in half year 2016.
The lender’s improved on loans and advances granted to its customers during the first six months of the year, as it lent N367.956 billion to customers in half year 2017 as against N352.965 billion granted to its customers at the end of 2016 financial year, which represented N14.991 billion or 4.25 percent increase.
In the same vein, the bank’s deposits from customers rose by N71.782 billion, from N570.969 billion in December 2016 to N632.751 billion at the end of half year 2017.
However, Stanbic IBTC second quarter 2017 results showed that profit before tax and profit after tax grew strongly, by 94 percent year-on-year and 169 percent year-on-year respectively. The results were driven by a 43 percent year-on-year growth in pre-provision profits. This growth was underpinned by an 80 percent year-on-year expansion in funding income and, to a lesser extent, a 17 percent year-on-year increase in non-interest income. The positives on these lines were strong enough to offset increases of 72 percent year-on-year and 18 percent year-on-year in loan loss provisions and opex respectively.
Sequentially, the results showed a marked departure from the year-on-year trends. Profit before tax ad profit after tax both declined by -43 percent quarter-on-quarter and -60 quarter-on-quarter respectively. Loan loss provisions and opex which increased m