Stanbic IBTC Plc reported revenue of N56.72 billion in 2020 Q3, compared to N58.78 billion in the same period of 2019.
Key highlights for 2020 Q3
- Revenue decreased to N56.72 billion, -3.52% YoY
- Revenue from interest income decreased to N26.82 billion, -11.34% YoY
- Revenue from fees and commission income increased to N19.14 billion, +1.55% YoY
- Revenue from trading increased to N10.11 billion, +5.44% YoY.
- Revenue from other revenue increased to N649 million, +562.24% YoY.
- Pre-tax profits remained N24.46 billion, +0.00% YoY.
- Earnings Per Share increased to 183 kobo, +2.23% YoY.
Bottom Line: Stanbic IBTC Plc recorded increased revenues from three of its four revenue-generating units, although total revenue decreased. Companies have recorded decreased revenues in the last three quarters mostly due to COVID-19.
Stanbic IBTC could not grow its revenues in the period under consideration. However, pre-tax profits remained the same in the period under consideration.
Stanbic result reveals the unfairness in the system encouraged by the CBN.
It failed in a core business sector despite unimaginable high borrowing rate but in fees the bank goes up north. The fee CBN allows banks to charge is too much and hawks like Stanbic bank is taking its advantage.
It seems the CBN and banks like SIB are not interested in growth of Nigeria economy but just make hell of profit and move it out.
It is a poor economic system and bad regulations.