Stanbic IBTC Holdings Plc has posted a profit of N31 billion for the first half of the year 2022, a 36% high from the N23 billion it reported in the first half of last year.
Amid an inflationary period witnessed in the first six months of the year 2022, the company saw its gross earnings rise by 42 billion from N93 billion in the half year 2021 to reach N135 billion in half year 2022.
Financial report by the company shows that the net interest income stood at N50 billion in the first half of 2022, indicating a jump from the 32 billion in the same period last year. This is as the net income and net expenses were valued at N68 billion and N18 billion respectively in the study period compared to N44 billion and N11 billion in the first half of last year.
While the holding company is known for operating diverse subsidiaries including insurance, banking, and investment advisory amongst others which contributes to its non-interest revenue.
Net fees and commission revenue were N46 billion in H1 2022 from N41 billion in H1 2021 with the most income from Asset management fees at N28 billion followed by a brokerage and financial advisory fees at N5.8 billion and others during the period of study while the fees and commission expenses was N2.635 billion in H1 2022, a slight movement from the N2.626 billion in H1 2021.
Similarly, the income from life insurance activities was valued at N136 million after the insurance premium revenue ceded to reinsurers and insurance benefits and claims paid were deducted from the insurance premium received.
Notably, the group saw massive growth in the record of gross premium income in H1 2022 at N7.4 billion from the low record of N453 million last year. The difference signifies proof of return to economic activities compared to last year when many businesses still struggled to get back on their feet.
Trading revenue was up to reach N16 billion in H1 2022 from N5.4 billion and other income was valued at N938 million in H1 2022 from a loss of N904 million in H1 last year.
Stanbic IBTC saw operating expenses go up to a value of N68 billion as a result of an increase in staff costs and other operating expenses.
What you should know
- Earnings per share stood at N226 in H1 2022 compared to N192 in H1 2022 of the previous year.
- Total assets also increased to reach N3.1 trillion in H1 2022 compared to H1 2021 which saw the total asset at N2.7 trillion.
- Stanbic IBTC last traded at N28 as of 24th of August 2022 while it market capitalization stood at N363 billion.
