Markets
Stanbic IBTC grows profit by 24.7% to N45.2bn in H1 2020
Despite the impact of the coronavirus pandemic on the Nigerian economy, Stanbic IBTC grows profit by 24.7 percent to N45.2billion in the second quarter of this year.
The bank Gross Earnings was up by 7.8 percent to N126.6bn from N117.4bn in the previous quarter, driven by trading revenue which increased 94.66 percent, despite net interest income declining by 4.48 percent and net fee and commission revenue dropping by 2.56 percent during this period.
Meanwhile, profit before tax grew by 17.4 percent was higher to N52.4 billion during the period under review.
The bank set aside N48.54 billion for its risk assets that have gone bad, compared to N557 million it recovered from bad loans in Q2 2019.
Net Assets also improved by 11.3 percent from N302billion as of December 2019 to N337 billion in June 2020.
Stanbic IBTC basic earnings per share rose 22.5 percent in H1 2020 to N4.19 from N3.42 in the comparable period last year.
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