Stanbic IBTC posts N131b gross earnings in 2014
The member of Standard Bank Group also posted a profit after tax of N32.1 billion, which grew by 54 percent in the period under review, against N20.8 billion in 2013.
Similarly, profit before tax recorded an increase of 63 percent to N40.1 billion in the 2014 financial year, up from N24.6 billion recorded in 2013.
The Group’s total assets increased to N944.5 billion last year, a 24 per cent increase compared to the N763 billion recorded in December 2013.
According to the bank, the growth in the balance sheet size was driven by significant increases in loans and advances to customers and other financial investments.
Gross loans and advances grew by 36 per cent to N413.4 billion, compared to N303.3 billion recorded in December 2013, while customer deposits rose to N494.9 billion from N416.4 billion in the corresponding period of 2013, representing an increase of 19 per cent.
The Chief Executive Officer, Stanbic IBTC Holdings Plc, Mrs. Sola David-Borha, stated that the strong performance, despite the effect of declining crude oil prices on the operating environment, is evidence of the positive outcome of the group’s strategy in growing the client base across target and key market segments, while maintaining a principled credit process.