Stanbic IBTC Holding Plc has reported a pre-tax profit of N303.796 billion for the financial year 2024, which ended on December 31, 2024. This marks a remarkable year-on-year (YoY) growth of 60.23%.
Additionally, the post-tax profit also rose by 60.23%, reaching N225.311 billion.
A detailed review of the financial statements indicates that this strong performance is primarily due to significant revenue growth.
Gross earnings increased by 78.26%, totaling N823.309 billion, which greatly enhanced the bank’s bottom line.
Key Highlights
Gross earnings: N823.309 billion; +78.26% YoY
Interest Income: N566.462 billion; +109.34% YoY
Interest Expense; N156.011 billion; +63.55% YoY
Net interest income; N410.4510 billion; +134.29% YoY
Non-interest revenue: N236.393 billion; +31.35% YoY
Net fees and commission income: N170.395 billion; +54.52% YoY.
Net impairment loss on financial assets: N99.359 billion; +543.02% YoY
Income after credit impairment charges: N547.485 billion; +61.16% YoY
Profit for the period N225.311 billion; +60.23% YoY.
Earnings per share N17.10; +61.02% YoY
Loans and advances to customers N2.348 trillion; +15.15%.
Cash and Cash equivalents N2.245 trillion; +62.13%
Total Assets N6.912 trillion; +34.33%.
Customers’ deposits N3.009 trillion; +45.20%.
Shareholders’ funds: N670.648 billion; 32.30% YoY
Interest income from loans and advances, as well as investments in securities, remains the main driver of the bank’s revenue. I
Interest income from loans and advances comprised over 69% of total interest income.
