Stanbic IBTC Holdings reports 52% increase in pre-tax profits for full year 2022

Stanbic IBTC Holdings Plc has released its audited full year 2022 results, reporting a pre-tax profit of N100.35 billion.

This represents a 52.04% increase from the N66 billion the group reported during the same period in 2021.

The earnings report is summarised below.

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Gross earnings   

2022 FY: N287.54 billion
2021 FY: N206.64 billion
Change: +39%

Interest income    

2022 FY: N152.67 billion
2021 FY: N104.75 billion
Change: +45.7%

Interest expenses  

2022 FY: N39.55 billion
2021 FY: N29.38 billion
Change: +34.6%

Pre-tax profit  

2022 FY: N100.35 billion
2021 FY: N66 billion
Change: +52.04%

Net Profit after tax 

2022 FY: N80.81 billion
2021 FY: N56.97 billion
Change: +41.8%

Bottom line: The growth in pre-tax profits was due to the increase in interest income boosted by loans and advances to customers and credit-related fees and commissions. Interest on loans and advances to customers contributed N119.96 billion or 78.57% of the total interest income realized by the group.