Nigeria: Stanbic IBTC Records N183 Billion Earnings, N66 Billion Profit in Nine Months

27 October 2020

Stanbic IBTC Holdings Plc yesterday announced its financial results for the nine months ended September 30, 2020, showing increased in performance indicators.

Contrary apprehensions that the impact of the COVID-19pandemic on the economy might affect the performance of financial institutions, Stanbic IBTC Holdings still recorded improved bottom-line.

It recorded gross earnings of N183.286 billion in 2020,showing an increase of four per cent compared with N176.157 billion posted in the corresponding period of 2019. Net interest income stood at N56.257 billion as against N58.672 billion in 2019, while non-interest income grew from N81.939 billion to N98.453 billion in 2020. Net impairment

charges jumped to N6.998 billion as against a write back of N90 million in the corresponding period 2019.

Stanbic IBTC Holdings Plc ended the period with a profit before tax (PBT) of N76.865 billion in2020, up from N69.108 billion in 2019, while profit after tax (PAT) grew faster by 19.2 per cent to N66.163 billion from N55.552 billion in 2019.

Meanwhile, trading at the stock market opened on a positive as the Nigerian Stock Exchange (NSE)All-Share Index (ASI) appreciated by 0.28 per cent to close at 28,777.96.Similarly, market capitalisation added N42.3 billion to close at N15 trillion.

Equities investors had ignored the violence and unrest in the country last week to increase their patronage of the market. As a result, the market appreciated by 0.13 per cent.

And analysts had said that said despite the heat in the socio-political landscape triggered by the degeneration of the

#Endsarsprotests, they did not expect a material dent to investors' appetite for stocks.

"We reiterate that pent up system liquidity and the hunt for alpha-yielding opportunities in the face of increasingly negative real returns in the fixed income market remain positive for stocks. However, we advise investors to trade in only fundamentally justified stocks as the weak macroenvironment remains a significant headwind for corporate earnings," analysts at Cordros Research said.

When trading resumed yesterday, the positive trend was sustained as 27 stocks appreciated, while 15 depreciated. Also, activity level strengthened as volume and value traded advanced 20.4 per cent and 25.6 percent to 340.8 million shares and N5.6billion respectively. The most traded stocks by volume were Guaranty Trust Bank Plc (56.8 million shares), Zenith Bank (47.8 million) and WAPIC Insurance Plc (40.0 million shares) while GTBank (N1.7bn), Dangote Cement (N1.0 billion) and Zenith Bank Plc (N1.0 billion) led by value.

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