Stanbic IBTC Holdings Plc has reported a Profit After Tax of N17.04 billion for the fourth quarter of 2020 (Q4, 2020), compared to N19.5 billion made in the corresponding period of 2019, indicates a decline in profit by 12.5% Year-on-Year.
This is according to the firm’s recent financial statement made available on the Nigeria Stock Exchange and seen by Nairametrics.
Stanbic IBTC Plc had earlier posted an improved Profit After Tax figures of N20.96 billion for Q3, 2020, despite recording a noticeable decline in Interest income for the period. The Profit After Tax however dipped in Q4 2020.
Other key highlights for Q4 2020 are;
- Gross earnings declined to N51.16 billion, -11.3% Y-o-Y.
- Net interest income declined to N17.96 billion, -6.3% Y-o-Y.
- Fee and commission revenue increased to N19.32 billion, +4.5% Y-o-Y.
- Trading revenue declined to N7.7 billion, -15.3% Y-o-Y.
- Pre-tax profit declined to N17.85 billion, -18.7% Y-o-Y.
- Operating expenses increased to N23.43 billion, +4.41% Y-o-Y.
- Staff costs increased to N10.9 billion, +8.5% Y-o-Y.
- Earnings Per Share declined to 149 kobo, -17.2% Y-o-Y.