Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has released its audited financial results for the first half of 2023, showcasing an increase in profitability and key financial metrics.

In the first half of 2023, Stanbic IBTC recorded Profit Before Tax (PBT) of ₦82.99 billion, up 108% from the PBT recorded in the same period for 2022. Profit After Tax (PAT) of ₦67.92 billion was achieved in the first half of 2023, up 121% for the same period in 2022

Driven by robust growth across its revenue streams, the company’s net interest income rose by 44%, amounting to ₦72.68 billion. Additionally, non-interest revenue surged by an impressive 57%, reaching ₦98.62 billion.

The initial months of 2023 were dominated by significant incidents like the general elections and cash scarcity, which temporarily impacted business activities.

However, the tide turned in the second quarter as business activities gained momentum. The Stanbic IBTC Bank Purchasing Manager Index (PMI) rebounded, surpassing the 50-point mark in April 2023, to close at 53.2 in June 2023, indicating positive economic trends. Improved access to cash, heightened customer demand, and business expansion contributed to the resurgence.

Dr Demola Sogunle, Chief Executive, Stanbic IBTC, said, “The first half of 2023 was an eventful one for us as an organisation within the Nigerian operating environment…we reported significant growth in our key income lines during the period under review

The Group’s profitability increased by over 100% year-on-year (YoY), driven by growth across our revenue streams. Interest income grew by 62% YoY, mainly due to higher yield and volume of loans and investments, which aligns with our efforts to support our clients through loan offerings and investment opportunities.”

Demola reiterated that the organisation retained its Fitch AAA (nga) rating, reaffirming its position as the only financial services provider in Nigeria with the highest rating from a global rating agency. He assured that the organisation will continue supporting its clients’ growth by providing solutions that aid their expansion.

According to him, “Stanbic IBTC Bank successfully processed the first inbound commercial transaction on the Pan African Payment and Settlement System (PAPSS) in Nigeria, an initiative of the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat, designed to promote intra-African trade and economic integration

The company’s financial position saw significant strengthening, evident in key metrics such as total assets, gross loans and advances, and customer deposits. Total assets increased by 47% to ₦4.45 trillion, while gross loans and advances surged by 37% to ₦1.70 trillion. Customer deposits reached ₦1.64 trillion, marking a growth of 32%.

Demola expressed optimism regarding the company’s performance for the rest of the year. He affirmed the company’s dedication to delivering on its 2023 guidance and continuing to provide solutions that unlock the potential of the African market