Stanbic IBTC Holdings Plc, a member of the Standard Bank Group, has announced a 34 per cent growth in its customer base, up from N561.0 billion in 2016, to N753.6 billion in 2017.
The bank’s gross loans and advances grew by eight per cent to N403.9 billion, compared to N375.3 billion recorded in the corresponding period of 2016.
According to Stanbic IBTC’s audited financial results, which was presented to the Nigerian Stock Exchange over the weekend, the Group’s gross earnings during the period surged to N212.4 billion, while profit after tax increased to N48.4 billion.
Gross earnings stood at N156.4 billion in December 2016, while the 2017 figure represented a growth of 36 per cent. On the other hand, profit after tax grew by 70 per cent as against the previous year’s N28.5 billion.
Similarly, profit before tax went up by 64 per cent to N61.2 billion in 2017 as against N37.2 billion recorded in the corresponding period of 2016.
The Group also made other significant improvements across all three divisions during the period under review, as total assets increased to N1.386.4 trillion last year, a 32 per cent boost, compared to the N1.053.5 trillion recorded in December 2016.
The Chief Executive Officer, Stanbic IBTC Holdings PLC, Mr. Yinka Sanni, noted that the strong performance was an evidence of the positive outcome of the group’s strategy of growing the client base across the target and key market segments, while maintaining a principled credit process.
“The Group reported its best profitability results since inception. We achieved a 70 per cent growth in profit after tax amid healthy capital and liquidity levels. Our balance sheet grew by 32 per cent to N1.39 trillion and this was funded mainly by customer deposit growth of 34 per cent,” Sanni stated.
He noted that the various business divisions achieved strong operating results as well as retained market leadership across the various businesses such as global markets, investment banking, pension, stockbroking, asset management, and custodial services, with several accolades received during the year.
“Furthermore, Fitch retained our AAA national ratings, which reaffirms our strong fundamentals, stability, creditworthiness and low relative risk in the Nigerian financial markets,” he added.
Moving forward, Sanni said the Group remained optimistic that it would sustain the improved financial performance in 2018 and
beyond.
“While we are encouraged by the impressive results, we remain focused on improving risk asset quality, managing our cost base, maintaining our capital strength and increasing our returns to shareholders. We are positive that the Group will benefit from a more stable macroeconomic environment, to drive growth in lending and other business activities,”
he stated.
