Stanbic IBTC Holding announces 34% increase in profit to N15.068bn in Q1, 2022
Stanbic IBTC holding plc has released its unaudited result for the first quarter Q1 ended 31, March 2022, declaring 34 per cent increase in profit which rose significantly to N15.06billion in three months of 2022 from N11.256 billion in three months of 2021.
According to the released statement on the Nigerian Exchange Limited (NGX), profit before tax recorded shows significant increase of a 61 per cent from N12.142 billion in three months of 2021 to N19.599 billion in three months of 2022.
The breakdown of unaudited results indicates that the net interest income grew from N15.860 billion in three months of 2021 to N23.433 billion in three months of 2022, an increase of a 48 per cent. However, the non-interest income for the period under review appreciated to a 40 per cent from N 23.083 billion in three months of 2021 to N32.358 billion in three months of 2022.
The bank basic earnings per share recorded for the period gained a 35 per cent from 82 kobo in three months of 2021 to N111 kobo in three months of 2022. Also, the Group reported total income which went up by a 43 per cent to N 55.791 billion in three months of 2022 from N 38.043 billion in three months of 2021. In the audited result released, Stanbic IBTC Holding Plc recorded strong total assets as growth total equity improved.
The Group total assets gained a 13 per cent from N2.742 billion in three months of 2021 to N3.099 billion in three months of 2022 unaudited result and accounts for the period ended 31, March 2022. As current tax liabilities gained 22 per cent to N16.44 billion in 2021 from N20.131 billion in three months of 2022, trading liabilities increased by 142 per cent from N112.023 billion in three months of 2021 to N270.598 billion in three months of 2022.
The Group also grew its deposits from customers by a whopping 5 per cent from N431.862 billion in three months of 2021 to N455.439 billion in three months of 2022. In addition, the total equity grew by 5 per cent to N396.005 billion in three months of 2022 from N376.9 billion in three months of 2021.
