Stanbic IBTC announces N202.1bn gain

Stanbic IBTC Holdings Plc has reported a profit after tax of N202.1bn for the financial year ended December 31, 2024, representing a 44 per cent increase from the N140.6bn recorded in 2023.

According to its audited financial statements filed on the Nigeria Exchange, the group’s net interest income surged by 134 per cent to N410.5bn from N175.2bn in the previous year. This was fuelled by an increase in interest income, which rose by 109 per cent to N566.5bn from N270.6bn, driven by higher interest rates and loan portfolio expansion. Interest expense, however, increased to N156bn from N95.4bn.

In the period under review, the bank’s non-interest revenue also recorded a 31 per cent growth, rising to N236.4bn from N180bn in 2023, bolstered by an increase in net fee and commission income, as well as trading revenue.

However, operating expenses rose sharply by 46 per cent to N243.7bn from N166.8bn, reflecting higher staff costs, inflationary pressures, and increased regulatory expenses.

Stanbic IBTC’s total assets grew by 34 per cent to N6.91tn from N5.15tn in the previous year, driven by an expansion in loans and advances to customers, which increased to N2.23tn from N1.29tn. Customer deposits also surged by 46 per cent to N3.01tn from N2.07tn, indicating improved liquidity and a stronger deposit base.

In the ordinary course of business, the group remains exposed to various actual and potential claims, lawsuits, and other legal proceedings related to alleged errors, omissions, and breaches. As of December 31, 2024, its litigation portfolio comprised 431 cases, with total monetary claims against Stanbic IBTC amounting to N263.07bn and USD 2.27m.

The group’s earnings per share rose to 1,531 kobo from 1,062 kobo in 2023, reflecting improved shareholder returns.

The PUNCH reported that Stanbic IBTC Holdings Plc has announced plans to allocate 27 per cent of the N148.71bn proceeds from its ongoing rights issue to support its business and commercial banking operations.