Stanbic IBTC Holdings declares N74mil profit

Stanbic IBTC Holdings declares N74mil profit in 2018

  • Stanbic IBTC Holdings declares N74mil profit

Stanbic IBTC Holdings Plc has declared a growth of 44.12 per cent in its profit before tax (PBT) for the year ended December 31, 2018. According to the audited results made available today, the group recorded an increase in gross earnings from N212,434 million in 2017 to N222,360 million in 2018.

Net interest income reduced to N78,209 million compared with N83,587 million in 2017. Also, impairment charges were increased from N172,769 million to N180.813 million. Similarly, the group increased operating expenses from N86,026 million to N95,601 million.

Consequently, PBT improved from N61,166 million in 2017 to N88,152 million, while PAT rose from N48,381 million to N74.440 million in 2018. The directors have proposed a final dividend of 150 Kobo per share, compared to 100 Kobo in 2017.