The board of Stanbic IBTC Holdings Plc, on Tuesday presented its audited earnings for the half-year ended June 30, 2023, with the 121.46% net profit growth outpacing both profit before tax and gross earnings for the period at 58.18% and 107.58% respectively, with the directors sustaining the N1.50 interim dividend per share paid in the similar period of last year.
Specifically, gross earnings rose from N134.87bn to N213.334bn; while profit before tax improved to N82.985bn from N39.978bn; and profit after tax of N67.919bn from N30.669bn, despite the increase in income tax from N9.309bn to N15.066bn. In all, the directors offered an interim dividend of N19.436bn, same as last year.
Interest income for the period rose from N68.353bn to N110.259bn; and interest expense from N17.895bn to N37.575bn; leaving a net interest income of N72.684bn, up from N50.353bn. Non-interest revenue stood at N98.618bn from N62.957bn; of which fee and commission revenue N53.795bn from N48.198bn; just as fee and commission expenses was flat at N2.641bn from N2.635bn; resulting in net fee and commission revenue of N51.154bn, compared with previous N45.563bn. When combined with insurance revenue, Stanbic reported trading revenue of N44.723bn, a jump from N16.32bn in the first half of 2022. Other income soared to N3.254bn from just N938m.
Income before credit impairment charges amounted to N171.302bn from N113.31bn; while net impairment loss on financial assets was also flat at N5.979bn from N5.467bn; resulting in income after credit impairment charges of N165.323bn from N107.843bn.
Operating expenses amounted to N82.338bn from N67.865bn, boosted by other operating expenses which grew from N43.185bn to N52.825bn, the biggest of which was the N15.387bn, being the 0.5% of total assets charged on and off-balance sheet items- a statutory levy by the Asset Management Corporation of Nigeria on all commercial banks operating in the country), up from N14.602bn; and staff costs from N24.68bn to N29.513bn.
On the balance sheet, total assets grew from N3.029tr at the end of December 31, 2022 to N4.45tr at the end of the 2023 half-year, boosted by customer loans and advances rising from N1.204tr to N1.655tr; while cash and cash equivalents which grew from N664.45bn to N1.014tr. The growth in total liabilities was even more significantly from N2.621tr to N4.0tr, of which customer deposits rose to N1.638tr to N1.245tr.