Stanbic IBTC Holdings declares stellar performance in H1 2023, as PBT up 108% to N83bn
By Philemon Adedeji
Stanbic IBTC Holdings, a financial service holding company in Nigeria has declared its unaudited results for the period ended June 30th 2023, the group declared stellar performance during the six months of 2023, such that profit before tax (PBT) strongly emerged to a remarkable growth of 108 per cent year-on- year to N83 billion in H1 2023 from N40 billion recorded in the previous period.
The substantial increase in profit before tax reflects enhanced operational performance and effective cost management.
While, the group profit after tax (PAT) soared from N30.7 billion in H1 2022 to N67.9 billion in H1 2023, an astounding 121 per cent Y/Y increase. The significant growth in profit after tax highlights the company’s robust financial performance.
The group saw a substantial increase in interest income, rising from N68.2 billion in H1 2022 to N110.3 billion in H1 2023, representing a remarkable 62 per cent Y/Y growth. The company experienced a significant increase in interest income, indicating improved lending and investment activities.
Interest expense also increased significantly, from N17.9 billion in H1 2022 to N37.6 billion in H1 2023, reflecting a 110 per cent Y/Y growth, the higher interest expense is attributed to increased borrowing costs, which is due to rising interest rates.
Despite the higher interest expenses, the net interest income improved to N72.7 billion in H1 2023, showing a 44 per cent Y/Y increase. The growth in net interest income indicates improved profitability from core lending and investment activities.
Income tax expenses also grew by 62 per cent, reaching N15.1 billion in H1 2023, the higher tax expense is in line with increased profitability and income levels.
During the period under review the group Earnings Per Share (EPS) increased significantly by 127 per cent, from N2.26 in H1 2022 to N5.12 in H1 2023, indicating strong earnings growth.
The group balance sheet remains well resilient and structure as total assets expanded by 41 per cent, rising from N3.15 trillion in H1 2022 to N4.45 trillion in H1 2023, reflecting the company’s growth, asset acquisition and increased business activity.
Total liabilities also increased by 44 per cent, reaching N4.0 trillion in H1 2023, reflecting an increase in obligations. In the same vein, net assets increased by 19 per cent, totaling N451.2 billion in H1 2023. The increase in net assets reflects improved company value and financial strength.
