Ahead of the March 31, 2018 deadline for companies with December 2017 year-end to submit their earnings reports, one audited scorecard that graced the market was Stanbic IBTC Holdings Plc, which reported that net profit grew faster than gross earnings despite the increased tax expense and credit impairment charges, helped by a 90.19% rise in trading revenue.
The board has recommended a final dividend per share of 50 kobo (total N5.024bn), in addition to the 60 kobo interim paid earlier, from Earnings Per Share of N4.60, 86.54% better than the previous N2.46. It is payable to those whose names are on the register of shareholders between March 29 and April 5, 2018 when it is closed, while payment is scheduled for June 20, a day after the Annual General Meeting in Lagos, where the report would be considered and approved.
Gross earnings rose by 35.81% from N156.425bn to N212.434bn; with interest income growing by 40.52% to N122.911bn, up from N87.467bn; while interest expense increased by 32.82% to N39.324bn from N29.608bn. Net interest income therefore stood at N83.587n from N57.859bn, representing a 44.47% rise.
Fee and commission income growth was sluggish at 12.31% to N59.43bn up from N52.918bn; fee and commission expense contracted by 55.37% from N764m to N341m; translating to net fee and commission revenue of N89.182bn, 30.78% better than prior year’s N68.194bn.
Trading revenue stood at N29.148bn from N15.326bn; other revenue was up 32.35% from N714m to N945m.
Income before credit impairment rose by 37% to N172.769bn from N126.053bn; while credit impairment charges increased to N25.577bn, up by 29.16% from N19.803bn in 2016; leaving income after credit impairment charge at N147.192bn, which was 38.53% improvement over the previous N106.25bn.
Staff costs climbed by N36.282bn from N30.173bn; other operating expenses increased to N49.744bn from N38.868bn; even as operating expenses rose 24.60% to N86.026bn from N69.041bn.
Profit before tax jumped by 64.38% from N37.209bn to N61.166bn; just as income tax expense rose by 47.14% to N12.785bn, as against the previous N8.689bn; following which profit after tax closed at N48.381bn from N28.52bn, an increase of 69.64%
