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Stanbic IBTC Holdings has declared a profit after tax of N66.163 billion for the nine months of 2020 as against N55.552 billion recorded in the comparable period of 2019, representing an improvement of 19.1 per cent.
It recorded also 11.2 per cent increase in profit before tax from N69.108 billion to N76.865 billion while the total assets grew by 37.4 per cent from N1.876 trillion recorded as at December 2019 to N2.578 trillion.
Gross earnings in the period under review stood at N183.286 billion from N176.157 billion, representing 4 per cent improvement while interest income declined by 11 per cent to N81.953 billion from N91.028 billion recorded in the corresponding period of 2019.
Cash and cash equivalents for the period rose by 103.3 per cent from N456.396 billion in December 2029 to N930.394 billion. Total net loans and advances to customers rose by 7 per cent to N572.501 billion from N535.170 billion as at December 2019, while total deposits rose significantly by 42.5 per cent from N886.743 billion to N1.263 trillion.
In the half year of 2020, the holding company also recorded profit after tax of N45.2 billion as against N36.2 billion posted same period in 2019.
It recorded 17.4 per cent increase in profit before tax from N44.65 billion to N52.41 billion while the Net Assets grew by 11.3 per cent from N302.23 billion recorded as at December 2019 to N336.52 billion.
Gross earnings increased by 7.8 per cent when compared to N117.37 billion recorded in the corresponding period of 2019. The increase in its gross earnings is attributable to its improved performance in Non-Interest income which increased from N54.85 billion to approximately N69.80 billion indicating a 27.24 per cent increase, while both its Income Before Impairment Charges and Income After Impairment Charges also appreciated by 14.0 per cent and 6.57 per cent Year-on- Year respectively.
Meanwhile, Stanbic IBTC Holdings Plc has disclosed that it recently held virtual sessions to educate preteens and teenagers on how to develop a savings and investment culture.
Through its New School Money Initiative, the organisation aims to improve and deepen the financial knowledge of Nigerian children. This year’s event which was held virtually is the fourth in its series and was the theme: “The Art of Money: Earn, Save and Invest.”
Representatives from Stanbic IBTC shed more light on subjects to distinguish between wants and needs, assets and liabilities as well as the importance of making the right financial decisions. These were communicated using simple relatable videos and illustrations.
The wealth certified professionals demonstrated different ways of achieving financial goals and meeting unexpected needs such as emergency savings, budgeting and investing, amongst others.
