…Customer Deposits Increases by 6.72% to N1.20 trillion.
In its Q1 2022 financial result, Stanbic IBTC Plc revealed its total income for the period rose by a whopping 43.26% from N38.943 billion recorded in Q1 2021 to N55.791 billion.
The bank also reported a profit of N15.07 billion during the period. This reflects a 33.87% increase year on year from N11.256 billion in Q1 2021.
Gross earnings rose by 47.72% to N67.234 billion from N45.516 billion in Q1 2021.
In Q1 2021, the bank’s profit got slashed by 45% compared to Q1 2020, still reeling from the impact of the pandemic and its adverse effect on businesses. However, in Q1 2022, we can see the bank’s profit starting to recover.
The statement revealed that in Q1 2022, Net interest income grew by 47.75% from N15.86 billion to N23.43 billion in the current period. The bank’s profit performance is on the back of economic recovery, which is reflected in all margin growth as income from interest, trading income and fees and commission income all appreciated year on year.
The bank also reported earnings per share of N1.11, a 35.37% growth from the N0.82 reported a year earlier in 2021.
The lender earned N33 billion from its lending business as Interest Income grew by 57.02% from N21.01 billion.
Profit before tax jumped by 61.41% to N19.599 billion, up from N12.142 billion posted in Q1 2021. The lender paid N4.531 billion as income tax in the period under review.
While net impairment loss of N586 million was recorded, income after impairments still appreciated by 41% to stand at N55.21 billion.
Stanbic IBTC, however, grew its income from fees and commission rising 4.30% to N23.13 billion year on year and also generating a total of N10.50 billion in trading income on securities representing an impressive 225.88% increase year on year.
Income from insurance premium grew by 221% to be recorded as N183 million. However, this was subdued by increases in Insurance benefits and claims paid, as well as, insurance premium revenue ceded to reinsurers.
The bank’s e-banking income raked in N1.27 billion, representing a 71% spike from N745 million in 2021. This suggests that the bank has really improved in its utilization of the e-banking channels in the delivery of financial services to its customers.
In addition, the bank also grew its deposits from customers by 6.72% to N1.20 trillion while its total assets are now N3.10 trillion, almost twice the bank’s total assets in 2018. Net assets rose 5.08% to N396 billion.
Stanbic IBTC Plc last traded at N33.25 per share and its market capitalization stands at N430.82 billion as of Friday, April 22, 2022. Year-to-date performance shows that the share price of the company has depreciated by 7.64%.
The bank recently declared a final dividend per share of N2.00 per share, to be paid on each of the 12,956,997,163 issued ordinary shares, for the period ended December 31, 2021.
The dividend representing N25.91 billion will be paid on May 27, 2022, to the shareholders whose names appear on the Register of shareholders as at April 13, 2022.
Based on its current share price, Stanbic IBTC Plc’s dividend yield is about 6.02%.