Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has declared a profit after tax of N75 billion in its full year audited group results for 2019.
This represents an increase over its year end 2018 profit after tax which was N74.4 billion.
Profit before tax for the year ended December 31, 2019 was N90.9 billion, representing a 3 per cent increase over 2018 figures which stood at N88.2 billion.
The company’s Non-interest revenue also grew by 6 per cent to N108.8 billion in 2019, from N102.6 billion which it recorded in 2018. Stanbic IBTC Holdings PLC also reported growth in its total operating income, from N180.8 billion in 2018, to N186.6 billion in 2019, representing a 3 per cent increase.
As at December 31, 2019, the Total assets of the Stanbic IBTC Group stood at N1,876.5 billion.
This reflects a 13 per cent increase, when compared to the value of the assets which was N1,663.7 billion as at December 2018.
Speaking on the full year audited group results, Yinka Sanni, Chief Executive, Stanbic IBTC Holdings PLC said: “Our financial results were largely in line with market guidance. We achieved double digit growth in both assets under management (AuM) and loans. Loan-to-deposit ratio was 67.5 per cent, above the regulatory minimum of 65 per cent as at 31 December 2019. Non-performing loans ratio was 3.9 per cent, similar level with prior year and within acceptable limit of 5 per cent.”
Highlighting some of the growth areas in the full year audited group results, he noted: “The Group’s total assets grew by 13 per cent aided by the growth in loans and financial investments portfolio. Our Personal & Business Banking division contributed to profit yet again with a significant improvement in profit after tax year-on-year. Cost of risk was 0.2 per cent compared to the writeback in prior year due to a nonoccurrence of a significant recovery, however it is still well below our guidance of 3 per cent. Our sustained focus on cost containment coupled with revenue growth during the year yielded an improvement in cost-to-income ratio of 50.4 per cent from 52.9” per cent in 2018.”
While acknowledging that the regulatory and economic environment could sometimes be challenging, he stated that the company remained resolute in its target to emerge as Nigeria’s leading end-to-end financial solutions provider.
“While we look to 2020 with great optimism, we are fully aware of the challenging macro-economic and regulatory headwinds that we must contend with as we enter a new decade. Nonetheless, our strategic journey towards becoming the leading end-to-end financial solutions provider by 2023 continues as we leverage our universal capabilities whilst focusing on cost management, digitisation and client centricity in accelerating growth in 2020”, he stated.
Stanbic IBTC continues to benefit from its adoption of a digital strategy as well as operating a holdings company structure which enables subsidiaries to cross-sell and also leverage expertise within the group.