Stanbic IBTC Plc, a leading financial institution in Nigeria, has announced a stellar performance for the second quarter of 2024. The bank’s pre-tax profits surged by a remarkable 80.4% to N84.2 billion, marking the highest quarterly earnings in its history. This impressive growth has propelled the bank’s half-year pre-tax profit to N147 billion, far surpassing the N82.9 billion recorded in the same period last year.
The surge in profits was primarily driven by a significant increase in interest income. Loans and advances to customers rose by 30.3% to N2.17 trillion, resulting in a substantial boost to interest earned. Additionally, interest income from investments climbed by a substantial margin, benefiting from the higher interest rate environment. The bank also saw a significant increase in commission and fee income, driven by growth in asset management fees, brokerage, and financial advisory services.
Stanbic IBTC’s strong financial performance has translated into a robust balance sheet. Total deposits increased by 24.9% to N2.89 trillion, while total assets grew by 37.1% to N6.1 trillion. The bank’s net assets also expanded by 29.6% to N584.5 billion. These positive developments have solidified Stanbic IBTC’s position as a leading financial institution in Nigeria.
The bank’s impressive results have been rewarded by investors. Stanbic IBTC’s share price closed at N58.95 per share, up 3.6% on the day of the announcement. The bank has also declared an interim dividend of N2 per share, reflecting its commitment to shareholder value. As Stanbic IBTC continues to deliver exceptional financial performance, it is poised to maintain its position as a leading player in the Nigerian banking industry.
