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Stanbic IBTC Raises Profit by 52% as Assets Hits N1tr

By Modupe Gbadeyanka

It was an eventful year for Stanbic IBTC Holdings in 2016 as it grew its total assets value to N1 trillion from N937.5 billion in 2015.

Despite the economic challenges faced by most businesses during the year under review, the firm came out stronger and better.

In its audited results for the year ended December 31, 2016, Stanbic IBTC Holdings recorded a profit after tax of N28.5 billion from N18.8 billion posted in 2015, representing 52 percent increase.

From the results analysed by Business Post, the company posted a pre-tax of N37.2 billion in the year under review in contrast to N23.6 billion it achieved a year before.

For its gross earnings, Stanbic IBTC recorded N156.4 billion in 2016, an increase from what it made in 2015, which stood at N140 billion.

However, the financial statements showed that the firm posted a total of N102.6 billion in impairment charges in contrast to N85.7 billion in 2015, indicating a rise of 20 percent.

Also, operating expenses posted by the bank in the report showed N69 billion in 2016 compared with N62 billion recorded in 2015.

Meanwhile, the bank has proposed a dividend of N0.05kobo to its shareholders for the financial year 2016.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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