Stanbic Holdings announced N54.7bn earnings for Q1

Stanbic IBTC Holdings Plc has announced a gross earnings of N58.7 billion for the first quarter ended March 31, 2.3 percent increase compared to N57.4 billion it achieved in the same period of 2018.

The group’s financial report released on the Nigerian Stock Exchange(NSE), Lagos, showed that it achieved profit before tax of N23.5 billion and profit after tax of N19.2 billion.

The result showed that the group’s liquidity position remained robust as liquidity ratio increased to 130.06 percent compared to 110.68 percent in December 2018.

Net interest income at N20.2 billion, represents seven percent increase compared to N18.9 billion in March of 2018. While total assets decreased marginally by five percent to N1.58 billion as against N1.66 billion in December 2018, Non-Performing Loans slightly improved to N17.5 billion compared to N17.7 billion in December 2018.

The Chief Executive, Stanbic IBTC Holdings Plc, Mr. Yinka Sanni said: “The operating environment in the first quarter of this year was challenging evidenced by the slowdown in economic activities, which were impacted by the socio-political environment leading to muted client activity. These factors affected the growth pace of our overall business volumes and earnings.”

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