Stanbic IBTC posts N303.796b pre-tax profit in 2024

The pre-tax profit represents a 60.23% year-on-year (YoY) growth.

Similarly, post-tax profit increased by 60.23% to N225.311 billion.

A further review of the financial statements suggests the performance can be attributed to strong revenue growth, as gross earnings surged by 78.26% to N823.309 billion, significantly boosting the bank’s bottom line.

Gross earnings: N823.309 billion; +78.26% YoY
Interest Income: N566.462 billion; +109.34% YoY
Interest Expense; N156.011 billion; +63.55% YoY
Net interest income; N410.4510 billion; +134.29% YoY
Non-interest revenue: N236.393 billion; +31.35% YoY
Net fees and commission income: N170.395 billion; +54.52% YoY.
Net impairment loss on financial assets: N99.359 billion; +543.02% YoY
Income after credit impairment charges: N547.485 billion; +61.16% YoY
Profit for the period N225.311 billion; +60.23% YoY.
Earnings per share N17.10; +61.02% YoY
Loans and advances to customers N2.348 trillion; +15.15%.
Cash and Cash equivalents N2.245 trillion; +62.13%
Total Assets N6.912 trillion; +34.33%.
Customers’ deposits N3.009 trillion; +45.20%.
Shareholders’ funds: N670.648 billion; 32.30% YoY

Interest income from loans and advances, as well as investments in securities, continues to be the primary driver of the bank’s revenue.
Interest income from loans and advances accounted for more than 69% of total interest income.