Similar to the Group’s Q1 2023 performance, the Group’s gross earnings grew by 70% year-on-year to N115.14bn in Q2 2023. The growth was primarily fueled by strong increases in both interest income and non-interest income.

In effort to sustain earnings growth, the Group expanded her loan book by 56% on a year-on-year basis to N1.67trn as of H1 2023. The expanded loan book resulted in higher interest income growth. Based on our analysis, the rising interest rate environment amid higher asset yields supported interest income.

Notably, interest expense rose markedly by 182% year-on-year to N23.54bn from N8.33bn in response to the expansion in terms deposit and borrowings, we also opine that customers demanded higher return in savings amid high inflation rate. Nevertheless, net interest income remained resilient as it grew by 35% year-on-year to N36.30bn.


In the second half of year, we project the Group performance to improve due to the growth in its loan book and deposits, which are expected to grow by 43% and 42% year-on-year in FY 2023, we project that interest income and expense will grow by 66% and 65% to N252.67bn and N65.34bn respectively, resulting in a net interest income of N187.33bn billion (FY 2022: N113.12bn).

Please follow the link “Stanbic IBTC Plc Q2 2023 – Strong Non-Interest Income Supports Bottomline Growth” to view the whole report.

Thank you.

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