Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has announced a gross earnings of N58.7 billion for the first quarter of 2019 as it released its unaudited financial results for the period to the Nigerian Stock Exchange.
The financial report, which was released to the Exchange on Friday (26/4/2019), showed the group grew its topline earnings for the first three months to 31 March 2019 to N58.7 billion, compared with the N57.4 billion it achieved in the same period of 2018. The group 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. Liquidity ratio increased to 130.06% compared with the 110.68% achieved in December 2018. This ratio is well above the regulatory minimum requirement of 30% and is an indication that the group is strong enough to continue to meet its liquidity obligations in a timely manner. Net interest income of N20.2 billion compared with N18.9 billion in March of 2018 is a 7% improvement year-on-year. While total assets decreased marginally by 5% to N1,579.5 billion as against N1,663.7 billion in December 2018, gross 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 slowdown in economic activities as well as the socio-political environment impacted the results. “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,” Sanni said.
According to the CE, the group achieved a resilient performance despite the challenging environment. Sanni is optimistic that economic activities will improve over the rest of the year and the group is well positioned to take advantage when it does. “We will continue to leverage our universal financial services capability to ensure delivery on our Guidance for 2019,” Sanni assured.
Cover Of The Week
- Coronavirus - Libya: Lack of COVID-19 tests when boats return risks surge in cases, warns International Rescue Committee (IRC) July 10, 2020
- Coronavirus - Nigeria: Minister of Foreign Affairs receives new Country Representative, says, ‘Nigeria is behind WHO’ July 10, 2020
- Coronavirus - Uganda: Denmark contributes US$1 million to cash relief for refugees in Kampala July 10, 2020
- Coronavirus - Malawi: COVID-19 Daily Information Update (10th July 2020) July 10, 2020
- Coronavirus: African Union Member States reporting COVID-19 cases as of 10 July 2020, 5 pm EAT July 10, 2020
- Tribute: Prime Minister Amadou Gon Coulibaly (By Akinwumi A. Adesina, Président, African Development Bank) July 10, 2020
- Canon launches four new RF lenses – expanding the line-up’s capabilities to super-telephoto photography – plus two RF extenders July 10, 2020
- Meet the imagePROGRAF PRO-300 – a high-quality, professional A3+ photo printer with space-saving design July 10, 2020
- Coronavirus - South Sudan: UNMISS conducts door-to-door COVID-19 awareness campaign in Warrap State July 10, 2020
- Coronavirus - Eswatini : Prime Minister Ambrose Mandvulo Dlamini has announced first batch of Government COVID-19 payment for laid-off workers July 10, 2020
news4 months ago
Governor Dapo Abiodun : The Silent Hardworking Governor
Uncategorized3 weeks ago
STOP PRESS! AJIMOBI IS NOT DEAD SAYS SPOKESMAN, BOLAJI TUNJI
Politics2 months ago
Lagos Speaker,Rt. Hon. Mudashiru Obasa Clears The Air On Fraud Rumour
Education4 weeks ago
Methodist owned Wesley University owe staff up to 40 months Salaries