Stanbic IBTC Records N68.95bn Profit Before Tax In Q3 2022
Stanbic IBTC, a member of Standard Bank Group, has released its unaudited Profit Before Tax (PBT) result which increased by 50% to N68.95bn for the period ended 30 September 2022 compared to the N45.31 billion recorded in Q3 2021.
Also, for Profit After Tax (PAT), Stanbic posted N55.19 billion for Q3 2022 as against N39.95 billion recorded in Q3 2021, while its gross earnings for the quarter under review stood at N207.4 billion.
Commenting on the results, Dr. Demola Sogunle, Chief Executive Stanbic IBTC, said: “We continue to witness growth in our client franchise and key income lines. The Group’s profitability increased by 57 per cent Quarter-on-Quarter, largely attributable to impressive growth in net interest income and other revenue sources. This was supported by lower credit impairment charges and operating expenses when compared with the second quarter. The uplift in net interest income resulted from an increase in the volume and yield on risk assets as we sustained our loan growth performance. In addition, trading revenue grew by 47 per cent Quarter-on-Quarter following the increase in trading activities during the third quarter.”
“Sustained focus on cost optimisation led to an eight per cent Quarter-on-Quarter decline in our operating expenses. As such, our cost-to-income ratio improved to 56.1 per cent from 59.9 per cent in the first half of the year, and 64.3 per cent in the prior year,” Sogunle said.
Speaking on the success recorded in the profit metrics of the bank’s Quarter-on-Quarter results, Shogunle noted that Stanbic kicked off the third quarter with the implementation of initiatives to deliver top-notch services to our customers by leveraging digital technology.
“We entered into a partnership to enhance the Stanbic IBTC SME Banking platform by providing seamless payroll and salary management services to SME Banking customers.”
“The digital module of the solution is now embedded on Stanbic IBTC’s SME online platform and offers value-added services such as free HR services to SME customers for the first three months, salary payment of remote employees while staying compliant with local laws, provision of financial data with detailed analytics, amongst others. We have also seen an increase in the uptake of our customer loyalty programme, PlusRewards which provides exclusive discount offers to Stanbic IBTC card holders at select merchant stores.”