Stanbic IBTC grows net profit by N16.66bn, electronic transaction hits N958m

Stanbic IBTC recorded an 85 per cent increase in its profit after tax and 66.8 per cent growth in electronic banking in the first quarter (Q1) of 2023.

In its Q1 consolidated interim financial statements released on Thursday, Stanbic IBTC posted N36.26 billion net profit for the period.

Stanbic IBTC grew its profit after tax by N16.66 billion, as Ripples Nigeria learnt that the company recorded N19.59 billion net profit in Q1 2022

This followed an 85 per cent growth in profit before tax which was penned at N28.86 billion during the review period, compared to the N15.06 billion reported in the first quarter last year.

The commercial bank also recorded growth in its Net Interest Income, recording N36.38 billion between January to March 2023.

When compared to the N23.43 billion posted by Stanbic IBTC in the corresponding period of 2022, this is a 55.25 per cent year-on-year increase.

Also, Stanbic IBTC closed the quarter in review with N958 million turnover in electronic banking services, indicating the creditor recorded N384 million more (66.8 per cent growth) within three months of this year’s Q1, considering the firm generated N574 million in the same period in 2022

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