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Home Industries Company News

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

Chris UgwubyChris Ugwu
1 week ago
in Company News, Company Results, Industries
Stanbic IBTC Holdings reports 52% increase in pre-tax profits for full year 2022
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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.

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Tags: Stanbic IBTC Holdings Plc

Comments 2

  1. John Ochu says:
    March 17, 2023 at 4:52 pm

    What dividend did they declare ?

    Reply
    • Ubong says:
      March 17, 2023 at 9:49 pm

      2 naira final dividend

      Reply

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