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Stanbic IBTC’s revenue shrinks, profit drops by 53%

Stanbic IBTC Holdings Plc reported a 52.85 per cent drop in its profit before tax for the first half this year amid a decline in its trading revenue and other revenue sources.

According to its consolidated and separate interim financial statements for the six months ended June 30, 2021, its gross earnings dropped on a year-on-year basis by 26.06 per cent to N93.59bn from N126.57bn in the corresponding period of 2020.

Stanbic IBTC’s income after credit impairment charges fell by 20.67 per cent from N100.94bn in H1 2020 to N80.07bn in H1 2021 just as its trading revenue plunged by 84.03 per cent from N34.26bn to N5.47bn.

Its profit before tax in H1 2021 stood at N24.71bn, down from N45.20bn in H1 2020, while earnings per share decreased by 54.18 per cent YoY from N4.19 to N1.92.

The Stanbic IBTC Group has operations spanning personal and business banking, corporate and investment banking and wealth management.

The corporate and investment banking division generated the highest net interest income for the group at N15.89bn, which is 21.92 per cent lower compared to H1 2020.

The wealth management business generated the least net interest income at N1.66bn with a 25.56 per cent drop, while that of the personal and business banking division rose by 2.40 per cent to N15.33bn.

“An interim dividend of N1.00 per ordinary share of 50 kobo each, that is N12,956,997,163, subject to deduction of appropriate withholding tax and regulatory approval, will be paid to shareholders whose names appear in the register of members as at the close of business on Monday 20 September 2021,” the company said in a statement.

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