Stanbic IBTC Bank Profit down by 7% to N56bn in Q3 2019 results

Must Read

FG to shut Third Mainland Bridge on July 24 for 6 months

The Federal Government is set to shut the Third Mainland Bridge for six months starting from Friday, July 24. This...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...

Here is the list of Providus Bank Branches in Lagos

A little over two years after it was granted a commercial banking license with regional authorization by the Central...

Key Highlights

  • Gross Earning up by 3% from N168.8 billion to N176.2 billion in Q3 2019
  • Operating Expenses down by 0.8% from N72.2 billion to N71.6 billion in Q3 2019
  • Profit Before Tax down by 2% to N69.1 billion from N70.4 billion in Q3 2018
  • Post Tax Profit also down by 7% from N59.8 billion to N55.6 billion in Q3 2019.

Stanbic IBTC Bank Plc, a leading provider of integrated financial services, pensions and wealth management products and services in Nigeria recently released its nine months 2019 results to the public. The bank Q3 2019 result reveals a 7% drop in Post-tax profit for the period with marginal growth in most of the bottom-line fundamentals.

The bank announced a N55.55 billion Post-tax profit which is less than the N59.76 billion profit declared in the corresponding period in 2018. The 3% growth in Gross Earning with a 6% growth in Trade Income could not dovetail into growth in profit because of a 98% drop in Impairment Write Back. The bank was able to recoup N4.14 billion of its Bad Debt in Q3 2018 but only N90 million was recovered in the same period in 2019.

Read Also:  Stanbic IBTC Launches An Integrated Marketing Campaign Promoting *909# USSD Code

The Earning Per Share of Stanbic IBTC Bank also decreased by 11% from 573 kobo in September 2018 to 513 kobo in September 2019.

- Advertisement -

The Balance Sheet size of Stanbic IBTC Bank Plc, however, shows impressive growth except for Customer Deposit that declined by 15% for the nine-month period from December 2018 to September 2019 Total Assets up by 11% from N1.66 trillion in December 2018 to N1.83 trillion in Q3 2019 Customer deposits down by 15% from N807.7 billion to N687.9 billion in Q3 2019. Customer loans and advances up by 24% from N432.7 billion in December 2018 to N537.5 billion in September 2019 Total Equity also up by 22% from N239.7 billion to N292.2 billion as at end of September 2019.

- Advertisement -
Stanbic IBTC Bank Profit down by 7% to N56bn in Q3 2019 resultsStanbic IBTC Bank Profit down by 7% to N56bn in Q3 2019 results


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stanbic IBTC Bank Profit down by 7% to N56bn in Q3 2019 resultsStanbic IBTC Bank Profit down by 7% to N56bn in Q3 2019 results

Latest News

Konnect Africa offers Broadband Internet Connection to all Isolation Centers in Sokoto State, Nigeria to fight against Covid-19

Konnect, a subsidiary of Eutelsat Communications, pursues its ambition to connect the entire African continent to very high-speed Internet,...

Gerety Awards: Final Deadline Fast Approaches, Need for Equality as Strong as Ever

The final deadline for the Gerety Awards is on July 17, with winners announced later in the year, a benchmark for creativity's future in...

Kincentric appoints Singapore market lead to drive HR advisory focused on public sector and large local organizations in Singapore and Indonesia

Andrew How brings 20 years of experience helping businesses through Culture & Engagement, Leadership Assessment, and HR & Talent Advisory, spearheading growth, driving transformation...

GSB Gold Standard Banking, Josip Heit and SPREE FLUG in Times of Coronavirus

HAMBURG, GERMANY - NEWSAKTUELL - 6 July 2020 - In the coronavirus pandemic, job cuts, such as those currently at the aircraft manufacturer Airbus, are hitting...

Adyen Expands Acquiring Capabilities to Malaysia

Adyen launches its acquiring solution in Malaysia to help local businesses achieve higher authorization rates, better customer experience, and deeper data insights as the...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Stanbic IBTC Bank Profit down by 7% to N56bn in Q3 2019 resultsStanbic IBTC Bank Profit down by 7% to N56bn in Q3 2019 results