Stanbic IBTC reported its 2023 Half-year results showing pre-tax profits grew by 107.58% year on year, reaching N82.985 billion. 

Key highlights H1 2023 vs. H1 2022:  

  • Gross earning; N213.334 billion +58.18% YoY  
  • Interest Income; N110.26 billion +61.56% YoY 
  • Interest Expense; N37.575 billion +109.97% YoY  
  • Net interest income; N72.684 billion +44.35% YoY  
  • Non-interest income; N98.618 billion +56.64% YoY 
  • Net income on fees and commission N51.154 billion +12.27% YoY 
  • Trading revenue; N44.723 billion +174.04% 
  • Income before credit impairment charges; N171.302 billion +51.18% YoY 
  • Net impairment loss on Financial Assets N5.979 +9.37% YoY 
  • Income after credit impairment charges N165.323 +53.30% YoY 
  • Profit for the period N67.919 billion +121.46% YoY. 
  • Earnings per share 512 kobo +126.55% YoY 
  • Loans and advances to customers N1.656 trillion +37.44%. 
  • Cash and Cash equivalents N1.015 trillion +52.72% 
  • Total Assets N4.451 trillion +46.95%. 
  • Customers’ deposits N1.638 trillion +31.54%. 

  

Insights: The substantial growth in pre-tax profit can be attributed to the significant growth in gross earnings, driven by growth in net interest income, non-interest income, and trading revenue. 

Other News

  

  • Particularly, the rise in interest income and trading revenue seems to have been driven by increasing interest rates. The MPR climbed 5.5 basis points, going from 13% in June 2022 to 18.5% in June 2023, positively impacting interest-related earnings. 
  • For instance, the surge in trading revenue growth was driven by about 174% growth in fixed income and currencies, reaching N44.723 billion. 
  • Similarly, interest income from loans and advances to customers saw a substantial 78% increase, reaching N91.833 billion.