- Home
- StockWorld
- Stanbic IBTC Posts N2.6bn Profit in Q1
Stanbic IBTC Posts N2.6bn Profit in Q1
- By Kayode Ogunwale
- Published May 17th, 2010
- StockWorld
- Unrated
STANBIC IBTC Bank Plc, a member of the Standard Bank Group has announced its unaudited results for the first quarter of 2010 ended March 31 indicating that gross earnings surged by 11 per cent to N14.5 billion, compared to the N13.0 billion achieved in the equivalent period in 2009.
The bank also posted a profit before tax of N3.4 billion, a decrease of 9 per cent against the N3.8 billion recorded in the corresponding period of the previous year, while profit after tax decreased by 3 per cent to N2.6 billion, from N2.7 billion in March 2009.
Net interest income for the quarter was N7.1 billion, up 26 per cent when compared to N5.6 billion in the first quarter of 2009, resulting in a net interest margin of 8.8 per cent.
Commenting on the first quarter results, Chris Newson, chief executive officer of Stanbic IBTC Bank, expressed satisfaction with the steady progress made by the group in the face of prevailing difficult market environment. The result, Newson stated, is indicative of continuing improvements in the group’s operations characterized by a highly disciplined approach to risk management and continued investment in capacity building.
He added: “After recording resilient performance in 2009, I am delighted to report that the bank continues to perform well in a difficult operating environment. Credit impairments are negligible, while our ongoing commitment to our people and network expansion is putting upward pressure on costs, but allowing us to win further market share. Across our three divisions we remain cautiously optimistic that our footprint, capital strength and excellent people will turn 2010 into a successful year for the bank.”
Net fee and commissions income stood at N3.7 billion, a growth of 47 per cent over the N2.5 billion in 2009, and operating income increased by 9 cent to N11.6 billion, from N10.6 billion in the same period of 2009.
The Corporate and Investment Banking (CIB) division generated a total income of N6.9 billion, up 3 per cent on the first quarter of 2009, while profit before tax of N2.9 billion was flat compared to 2009. The wealth division posted a pre-tax of N945 million during the quarter compared to N545 million in 2009 while total income of N2.0 billion was up by 47 per cent on the first quarter of 2009. The total income generated by the Personal and Business Banking (PBB) division declined by 7 per cent to N2.4 billion on the first quarter of 2009.
Upper week the bank released its audited results for the year ended 31 December 2009. Its gross earnings were N59.8 billion and operating income of N43.8 billion. The result also showed that profit before tax stood at N10.3 billion, while profit after tax was N8.1 billion. However, total net loans and advances went up by 17 per cent to N119.9 billion as against N102.6 billion in 2008.
The bank also posted a profit before tax of N3.4 billion, a decrease of 9 per cent against the N3.8 billion recorded in the corresponding period of the previous year, while profit after tax decreased by 3 per cent to N2.6 billion, from N2.7 billion in March 2009.
Net interest income for the quarter was N7.1 billion, up 26 per cent when compared to N5.6 billion in the first quarter of 2009, resulting in a net interest margin of 8.8 per cent.
Commenting on the first quarter results, Chris Newson, chief executive officer of Stanbic IBTC Bank, expressed satisfaction with the steady progress made by the group in the face of prevailing difficult market environment. The result, Newson stated, is indicative of continuing improvements in the group’s operations characterized by a highly disciplined approach to risk management and continued investment in capacity building.
He added: “After recording resilient performance in 2009, I am delighted to report that the bank continues to perform well in a difficult operating environment. Credit impairments are negligible, while our ongoing commitment to our people and network expansion is putting upward pressure on costs, but allowing us to win further market share. Across our three divisions we remain cautiously optimistic that our footprint, capital strength and excellent people will turn 2010 into a successful year for the bank.”
Net fee and commissions income stood at N3.7 billion, a growth of 47 per cent over the N2.5 billion in 2009, and operating income increased by 9 cent to N11.6 billion, from N10.6 billion in the same period of 2009.
The Corporate and Investment Banking (CIB) division generated a total income of N6.9 billion, up 3 per cent on the first quarter of 2009, while profit before tax of N2.9 billion was flat compared to 2009. The wealth division posted a pre-tax of N945 million during the quarter compared to N545 million in 2009 while total income of N2.0 billion was up by 47 per cent on the first quarter of 2009. The total income generated by the Personal and Business Banking (PBB) division declined by 7 per cent to N2.4 billion on the first quarter of 2009.
Upper week the bank released its audited results for the year ended 31 December 2009. Its gross earnings were N59.8 billion and operating income of N43.8 billion. The result also showed that profit before tax stood at N10.3 billion, while profit after tax was N8.1 billion. However, total net loans and advances went up by 17 per cent to N119.9 billion as against N102.6 billion in 2008.
