STANBIC IBTC Holdings released its first quarter (Q1) 2014 results last week with profit after tax ( PAT) of N6.0 billion, growing strongly, by 57 as against Q1 2013, while profit before tax (PBT) actually grew faster ( 89 per cent) to just under N9.0 billion, the strongest ever quarterly performance by Stanbic.
Although non-interest income at N13.1 billion continues to be higher than funding income of N11.7 billion, the latter grew much faster in Q1 2014 ( 42 per cent) compared with 10.2 per cent for non-interest income.
The positive results on both income lines led to profit before provisions growing 23 per cent and 14% q/q to N24.8 billion. PBT growth of 89 per centy/y was much stronger than that of profit before provisions because loan loss provisions were down -37 per cent y/y to N1.2 billion and opex growth was a lot slower at 8.5 per cent y/y.
To record the 116% increase in pretax profit, the Nigerian lender posted N24.617 billion in 2013 compared to N11.412 billion in the corresponding period of year 2012.
Similarly, posttax profit grew to 105% as the bank declared N20.773 billion in 2013 compared to N10.157 billion in the same period of 2012.
Gross earnings increased from N91.860 billion in 2012 end to N111.226 billion in the review period of 2013; indicating a growth in gross earnings of 21.1%.
Stanbic IBTC retained its dividend payment to shareholders of the bank at 10 kobo per share, the same amount paid in 2012 audited year end.
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