Stanbic IBTC Pension Managers reported an annual income of N61.09 billion in the year ending December 2023 representing a 16.5% increase from the N52.5 billion reported same period in 2022.
Stanbic IBTC Pension contributed about 17.2% to the group’s revenue of N355.16 billion in 2022.
The earning is gross of consolidations and intergroup eliminations. The group owns about 88% equity of Stanbic Pensions Ltd shares.
Stanbic IBTC Pension is Nigeria’s largest pension fund asset mangers in the country with over N6 trillion in Asset Under Management.
The company also reported a profit after tax of N25.8 billion in the year under review, which compares to N22.8 billion same period in 2022
Key Highlights 2023 vs 2022
- Income: N61.095 billion vs N52.5 billion
- Total Operating Expenses: N22.6 billion vs N18.2 billion
- Pre-Tax Profit: N38.495 billion vs N34.2 billion
- Profit After Tax – N25.801 billion vs N22.8 billion
Within the Stanbic IBTC Group’s array of subsidiaries, Stanbic IBTC Pension Managers distinguished itself as the third highest in terms of profitability, following closely behind Stanbic IBTC Bank and Stanbic Holdings Plc.
- The bank led with an after-tax profit of N110.4 billion for the year, while Stanbic Holdings Plc secured the second position with an after-tax profit of N47.62 billion.
- Remarkably, Stanbic IBTC Bank achieved an almost 100% surge in its after-tax profit for the year 2023, escalating from N55.14 billion in 2022, highlithing a year of significant financial growth and performance within the group.