Stanbic IBTC records 70% post-tax profit in 2017


Stanbic IBTC Holdings Plc, today announced its audited financial results for the year ended 31 December 2017, where it recorded 69.6 percent increase in profit after tax. The result released to the Nigerian Stock Exchange (NSE) indicates that, Stanbic IBTC profit after tax rose from N28.5 billion in 2016 to N48.4 billion at the end of 2017 financial year. Similarly, profit before tax went up by 64.4 percent to N61.2 billion in 2017 as against N37.2 billion recorded in the corresponding period of 2016.
Gross earnings during the period surged to N212.4 billion, with gross earnings at N156.4 billion in December 2016, the 2017 figure represented a growth of 35.8 percent.
The group also made other significant improvements across all three divisions during the period under review. Total assets increased to N1.386.4 trillion last year, a 32 percent boost compared to the N1.053.5 trillion recorded in December 2016.
The growth in the balance sheet size was driven mainly by customer deposits, which recorded a growth of 34 percent to N753.6 billion in 2017 from N561.0 billion in 2016. Gross loans and advances grew by eight percent to N403.9 billion, compared to N375.3 billion recorded in December 2016.
The group maintained adequate level of capital during the year. The total capital adequacy ratio closed at 23.5 percent, which is significantly higher than the 10 percent minimum regulatory requirement. The group’s liquidity ratio during the year further improved to 115.4 percent at the end of the year, while Stanbic IBTC Bank’s liquidity ratio also increased to 102.3 percent (2016: 59.1 percent). This is above the regulatory minimum requirement of 30 percent and indicates the group’s sound position to continue meeting its liquidity obligations in a timely manner.
Stanbic proposed a final dividend of 50 kobo per ordinary share of 50 kobo each, that is, N5,024,732,865.50, subject to deduction of appropriate withholding tax and approval, will be paid to shareholders whose names appear in the Register of Members as at the close of business on Wednesday 28 March 2018.