Stanbic IBTC has reported a net profit of N140.6 billion in 2023, marking a remarkable surge in profit and key financial metrics of 74% growth from the N80.7 billion posted in 2022.
The bank also reported gross earnings of N461.1 billion in FY 2023, representing a 62% increase from the N284.9 billion gross earnings posted in 2022.
The group’s major source of earnings was interest income which hit N270.6 billion, marking a 77% increase from the N152.7 billion reported in 2022. The group also recorded N110.3 billion in revenue from fees and commissions in 2023, representing a 21% increase from the N91.1 billion posted in 2022.
According to the full year report released, the bank Net Interest income rose by 55% which amounts to N175.2 billion, while its Non-interest revenue rose by 43% amounting to N180.0 billion.
Income after credit impairment charges records an increase of 48% amounting to N355.2 billion, Operating expenses rose by 29% to hit N166.8 billion, Profit before tax rose by 72% amounting to N172.9 billion, Profit for the year had N140.6 billion, +74%.
Earnings per share hit N10.62, +76%, Loans and advances hit N2.0 trillion, +69%, Cash and cash equivalents hit N1.4 trillion, +108%, while Total Assets hits N5.1 trillion, +70% YoY.
For the period ending December 31, 2023, the group is proposing a final dividend of N2.20 per share to its shareholders, totalling N28.5 billion.
In September 2023, the group distributed an interim dividend of N1.50, amounting to N19.4 billion, thus reaching a total dividend payout of N47.9 billion for 2023, a 6% rise from the N45.4 billion paid in 2022.
Like other banking institutions in 2023, Stanbic IBTC enjoyed bumper earnings from increased interest rates in the country.
Despite a 50% increase in impairment losses on financial assets, the group’s balance sheet displayed a level of stability.
The group’s total assets for 2023 recorded a 70% growth to N5.1 trillion, from the N3.0 trillion posted in FY 2022. This growth in asset was driven to a 69% increase in the group’s loans and advances as well as the 108% growth in cash and cash equivalents.
Following the new CBN capital base requirements for banks, Stanbic IBTC has a responsibility of improving its capital base from the present N109.3 billion to the N200 billion required for banks within its category.