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


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.

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

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.