Stanbic IBTC Plc reported its second-quarter results, showing pre-tax profits soaring by 80.4 per cent to N84.2 billion for the three months ending in June 2024.
The jump in pre-tax profits represents the highest ever recorded for any quarter in the company’s history.
Stanbic IBTC’s half-year pre-tax profit has now risen to N147 billion, significantly higher than the N82.9 billion reported in the same period in 2023.
The bank holding company is now on track to hit the N200 billion pre-tax profit mark by the end of 2024.
Stanbic IBTC’s performance was largely driven by a surge in interest income earned from customer loans and interest income from investments.
Interest on loans and customer advances rose from N91.1 billion as of June 2023 to N183.1 billion in June 2024.
Investment interest also rose from N16.7 billion to N56.1 billion in the same period as the bank rode on a higher interest environment.
The bank also got a mega boost in commission and fees income which rose to N82.9 billion in the first half of the year compared to N51.1 billion.
Included in the income from commissions and fees is a N47.2 billion earned from Asset Management fees and another N11.7 billion from brokerage and financial advisory fees.
Stanbic IBTC also reported N39.6 billion in “fixed income and currencies” compared to N44.7 billion reported a year earlier.
Stanbic IBTC share price closed at N58.95 per share up 3.6 per cent as of mid-day trading. The bank also declared an interim dividend of N2 per share.
