Stanbic IBTC Holdings PLC has posted a profit before tax of ₦243.7 billion up 65.8% from ₦147.0 billion in H1 2024.
Profit after tax jumped 49.1% to ₦173.4 billion from ₦116.4 billion in H1 2024. The standout performance was primarily driven by an exceptional 81.3% surge in net interest income to ₦316.0 billion, significantly outpacing the previous year’s ₦174.3 billion.
The bank’s gross earnings climbed impressively by 35.2% to ₦516.6 billion from ₦382.1 billion in H1 2024, reflecting strong performance across multiple business lines.
Net interest income expansion became the key growth engine, with interest income surging 56.3% to ₦384.8 billion while interest expenses decreased 4.3% to ₦68.8 billion.
Non-interest revenue declined 8.7% to ₦117.9 billion, though this masks underlying strength in core fee-generating activities. Net fee and commission revenue grew robustly by 37.8% to ₦114.3 billion, demonstrating strong customer transaction volumes and service utilization.
Operating expenses increased 37.9% to ₦179.1 billion from ₦129.9 billion, largely due to business expansion and inflationary pressures.
Despite higher absolute costs, the cost-to-income ratio improved to 41.3% from 42.8%, demonstrating superior operational leverage and efficiency gains.
Impairment charges dropped dramatically by 58.2% to ₦11.1 billion from ₦26.5 billion in H1 2024, signaling enhanced asset quality management. The credit loss ratio improved significantly to 0.26% from 0.70%, though the non-performing loan ratio increased slightly to 4.70% from 4.19%.
Total assets expanded 17.5% to ₦8.12 trillion from ₦6.91 trillion at December 2024, supported by strategic growth initiatives. The successful ₦144.3 billion rights issue significantly strengthened the capital position, boosting shareholders’ equity by 42.3% to ₦941.7 billion.
Customer deposits grew robustly by 13.9% to ₦3.43 trillion from ₦3.01 trillion, demonstrating strong customer confidence and market share gains. This diversified funding base provides a stable foundation for continued asset growth and reduces reliance on wholesale funding.
Loans and advances increased modestly by 4.0% to ₦2.50 trillion, reflecting prudent credit expansion.
Financial investments grew 15.8% to ₦1.26 trillion, while trading assets surged 51.7% to ₦897.5 billion
Return on assets improved to 4.3% annualized from 3.4% in H1 2024, while return on equity remained robust at 36.7% despite capital base expansion.
Basic earnings per share grew 22.0% to 1,078 kobo from 884 kobo, reflecting strong per-share value creation.
The board proposed an interim dividend of 250 kobo per share, representing a 25% increase from 200 kobo in H1 2024. This dividend enhancement signals management’s confidence in sustainable earnings growth and strong cash generation capabilities.
