Stanbic IBTC reports 78% increase in profit in Q3 2017


By Nkiruka Nnorom

Stanbic IBTC Holdings Plc has posted a 77.7 percent increase in profit before tax to N45.65 billion from N25.7 billion for the nine month period ended September 30, 2016.

Similarly, profit after tax rose to N37.672 billion, representing a growth of 86.9 percent in compared to N20.152 billion recorded in 2016. Gross earnings at N154.220 billion was an increase of 34.5 percent over the N114.622 billion achieved in the corresponding period in 2016. The bank’s total assets rose toN1.417 trillion from N1.053 trillion in December 2016, while net interest income grew by 61 percent to N62.947 billion compared to N39.089 billion in the previous year. Non-interest revenue shot up to N64.280 billion, a 22 percent increase from N52.895 billion in 2016.

Commenting on the result, Mr. Yinka Sanni, CEO, Stanbic IBTC Holdings Plc, said: “Stanbic IBTC’s progress over…

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