Stanbic IBTC 2016 PAT Increases 51% To N29bn

Stanbic IBTC Plc has reported a profit after tax of N28.5 billion in 2016, representing a 51 percent increase over N18.9 billion recorded in 2015.

The Holding company in its 2016 financial year result and accounts to Nigerian Stock Exchange (NSE) said profit before tax gained 57 percent to N37.2 billion as against N23.7 billion last year.

With impressive performance, the management of Stanbic IBTC has announced N0.05 kobo dividend to shareholders payable three days of its Annual General Meeting (AGM) in April this year.

In 2016, Stanbic IBTC’s gross earnings moved to N46.4 billion, up 12 percent from N41.6 billion in 2015 while Total assets increased by 12 percent to N1,053.5 billion from N937.6 billion recorded in 2015.

Commenting on the results, Newly Elected Chief Executive, Stanbic IBTC Holdings Plc, Yinka Sanni, said, “The difficult economic environment occasioned by the collapse in global crude oil prices in 2015 continued during the year.

The economy as a result fell into recession for the time in over a 25 year period. This impacted negatively on the operating environment, resulting in the Central Bank of Nigeria making a number of policy changes to maintain stability in the financial system.

“The group’s performance showed resilience over the year. We recorded a 51 percent growth in profit after tax and kept year-on-year cost growth below average inflation of 16 percent.

“Our balance sheet grew by 12 percent to N1.1 trillion and this was funded mainly by deposit growth of 14per cent, with current and savings account ratio improving to 57 percent.

The customer loan book declined marginally by one per cent due to a cautious approach adopted to lending.