Stanbic IBTC clears backlog of financial report, grows 2016 PAT

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has announced its audited financial statements for the year ended 31 December, 2016, clearing a backlog of financial reports occasioned by restrictions imposed by the Financial Reporting Council of Nigeria (FRC).
The 2015 audited financial statements show the group’s profit after tax increased by 51 per cent from N18.90 billion earned in 2015 to N28.52 billion in 2016.
The financial statements had been issued on Tuesday, March 7, 2017, following the resolution of the dispute with FRC.
At its 5th annual general meeting held in Lagos on Tuesday, September 12, 2017, the group reported a total income of N126.05bn for the period under review, representing an increase of 25 per cent over the N100.65 billion achieved in 2015.
This was largely due to an increase in interest income and fees and commissions. Also, the group’s net interest income increased by 32 percent from N43.86bn in 2015 to N57.86bn in 2016, while non-interest revenue increased by 20 per cent to N68.19bn, from N56.79bn in 2015.
Reviewing the performance, Chief Executive, Stanbic IBTC Holdings PLC, Mr. Yinka Sanni, said despite very challenging macroeconomic conditions, the institution remains in very sound financial shape, as shown in the 2016 performance and the 2017 half year result.
The group’s total assets grew by N115.96bn or 12 percent from N937.56bn to N1.053.52 trillion at the end of 2016. The bank’s deposits by customers increased by N67bn or 14%, from N493.51bn to N561.0bn at the end of 2016.
She said, “The Stanbic IBTC brand remained strong and we were able to mitigate the heightening legal and regulatory risk environment. In the course of the year, we reached a settlement with the Financial Reporting Council of Nigeria and got final approval for the release of our 2015 results.
“We maintained our dominance across our key businesses and made significant progress in our Personal and Business Banking business. The addition of the insurance brokerage business in 2016 further increased our capacity to deliver end-to-end financial solutions to our customers,” he added.
Sanni emphasized that the institution remains on track to maintain its long-term strategic growth and profitability objectives by prioritising asset quality through a diligent and systematic approach to risk management.