Stanbic IBTC posts N68b earnings in first half of 2015
STANBIC IBTC Holdings Plc, a member of Standard Bank Group, in its six months unaudited results for the period ended 30 June 2015, posted N68.3 billion gross earnings, an increase of 11 per cent over the N61.7 billion recorded in the comparable period of last year.
According to the result, which was presented at the Nigerian Stock Exchange in Lagos, last week, profit before tax during the period stood at N9.5 billion, while profit after tax was N9.6 billion, with total assets rising by nine per cent to N1.03 trillion from N944.5 billion in December 2014.
The report showed that the Group maintained adequate capital to support its business in the first half of 2015- above the regulatory requirement.
The group’s total capital adequacy ratio closed the period at 15.3 per cent (Bank 13.9 per cent), while the Tier 1 capital adequacy ratio stood at 12.6 per cent (bank 10.6 per cent), which are above the 10 per cent minimum statutory requirement.
The Chief Executive Officer, Stanbic IBTC Holdings Plc, Mrs. Sola David-Borha, stated that the Group is seeking to raise N20.4 billion in rights issue to support its planned growth opportunities as well as business risks and contingencies.
“Stanbic IBTC’s performance recorded in the first half of 2015 was characterized by steady growth in its balance sheet whilst our strong focus on cost containment helped to mitigate the impact of rising cost of funds and credit impairments on our operating performance.
“Our focus for the rest of 2015 is to reduce cost of funds and continue to resolve impaired risk assets to ensure increased profitability by year end. We remain optimistic that we can achieve these goals,” she said.
Following the adoption of the holding company structure in 2012, the operating subsidiaries of Stanbic IBTC Holdings Plc are Stanbic IBTC Bank (including Stanbic Nominees Nigeria Limited), Stanbic IBTC Pension Managers Limited, Stanbic IBTC Asset Management Limited, Stanbic IBTC Stockbrokers Limited, Stanbic IBTC Trustees Limited, Stanbic IBTC Ventures Limited, Stanbic IBTC Capital Limited, Stanbic IBTC Investments Limited, Stanbic IBTC Capital Limited, and Stanbic IBTC Investments Limited.
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