Stanbic IBTC announces delay in release of Audited Financial Statements for 2024, cites reason 

This announcement was detailed in a statement published on the NGX on the 26th of February and signed by the company secretary, Chidi Okezie.

The Holdings had previously disclosed its unaudited financial results for FY 2024 on the 31st of January 2025, reporting a pre-tax profit of N303.8 billion, reflecting a substantial increase of 75.70% compared to the previous year’s figures.

In this recent disclosure, the Holdings clarified that the anticipated delay is due to the pending approval from the Central Bank of Nigeria.

“This delay is occasioned by the fact that we are currently seeking the approval of our primary regulator, the Central Bank of Nigeria (“CBN”), for the 2024 Full Year Audited Financial Statements, following which the said Financial Statements will then be released to the market,” the statement elaborated.

The Holdings further emphasized its commitment to facilitating the release of the FY 2024 statements as soon as regulatory approval is obtained.

“The release may occur before or shortly after the regulatory due date of 31 March 2025.” 

In the unaudited results released in late January 2025, Stanbic IBTC posted a pre-tax profit of N303.8 billion for FY 2024, reflecting a 75.70% year-on-year growth.

Total interest income surged by 109.34% year-on-year. However, there was a shift in income sources:

This suggests that the bank leveraged on fixed-income securities more for the reported period, possibly due to high yields on government securities.

Customer deposits expanded by 45.20% to N3.009 trillion, reflecting strong customer confidence. However, the cost of funding these deposits rose.

In terms of efficiency and shareholder value, Earnings per Share (EPS) increased by 44.16% year-on-year.

Stanbic IBTC is currently experiencing a bullish trend in 2025, steadily recovering from a low of N49.50 in April 2024, following a peak above N78 in the third quarter of the previous year.

As of the market opening on February 27, 2025, the stock is trading at N64, reflecting a year-to-date performance of 11%, as it eyes the resistance zone at N78.