Earnings Update: Stanbic IBTC Plc Q3 2024 – Strong Q3 2024 Fueled by Elevated Interest Rates

Event

Stanbic IBTC (“the Group”) achieved exceptional results in Q3 2024, with gross earnings soaring by 122% year-on-year to N269.77bn, up from N121.33bn in Q3 2023. This impressive performance was primarily fueled by substantial growth in both interest and non-interest income, showcasing the Group’s strong operational efficiency and revenue diversification.

Valuation

We retain our BUY recommendation as we project a fair value of N71.21 for the stock. This translates to a justified price-to-earnings multiple of 3.90x, higher than the forward price-to-earnings multiple of 3.25x.

Please follow the link “Stanbic IBTC Plc Q3 2024 – Strong Q3 2024 Fueled by Elevated Interest Rates” to view the whole report.                                                                                                                                                                        

Thank you.