Stanbic IBTC grows Q1 pre-tax profit to N24.4bn

Stanbic IBTC Holdings Plc recorded first quarter pre-tax profit growth of 3.8 per cent to N24.4 billion.

The bank’s interim report submitted to The Nigerian Stock Exchange (NSE) shows that in the three-month period ended March 31, 2020, the bank recorded a  modest growths across key performance indicators.

Gross earnings rose to N61.42 billion in review period as against N58.69 billion recorded in first quarter of last year. The top-line growth was majorly driven by increase in fee, commission and trading incomes as interest income dropped from N31.14 billion in first quarter 2019 to N27.46 billion in first quarter 2020.

Profit before tax improved slightly from N23.51 billion to N24.41 billion. After taxes, net profit increased from N19.15 billion in first quarter 2019 to N20.60 billion in first quarter 2020. With these, earnings per share inched up to N1.91 in first quarter 2020 compared with N1.81 in comparable period of 2019.

Stanbic IBTC Holdings recorded a net profit of N75.04 billion in 2019, from which its board recommended payment of N21 billion as dividend for the 2019 business year, implying a dividend per share of N2, 33.3 per cent increase on N1.50 per share paid for the 2018.