Event

In line with other industry players, Stanbic IBTC (“The Group”) reported an impressive performance for FY 2023 as gross earnings grew by 61% year-on-year to N458.13bn from N284.01bn. The growth was on the back of a 77% year-on-year jump in interest income to N270.59bn (FY 2022: N152.67bn), and a 43% year-on-year growth in non- interest income to N187.54bn from N131.34bn in FY 2022.

Q1 2024 Financial Performance

For the first quarter of the year, the group posted an 85% year-on-year jump in gross earnings to N179.95bn. This was due to a 130% year-on-year jump in interest Income to N115.80bn driven by the effective repricing of the assets in line with the higher interest rate environment. Simultaneously, the interest expenses rose by 177% to N38.90bn driven by higher interest paid on deposits. Effectively, net interest income printed at N76.90bn (+111% year-on-year).

Outlook

Given the improved performance seen in the first quarter, we expect the performance to be sustained through-out the year on the back of the Group’s willingness to expand their loan bank amid the elevated interest rate environment.

Please follow the link “Stanbic IBTC Plc FY 2023 & Q1 2024 – Record Profit Year Amid Elevated Rate Environment” to view the whole report.                                                                        

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