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.

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.