Stanbic IBTC Holdings Plc, a member of Standard Bank Group, has declared a profit before tax of N11.7bn for 2012, an increase of 16 per cent above the N10.1bn recorded in 2011.
According to the audited results for the financial year ended December 31, 2012, released by the bank on Monday, its profit after tax rose to N10.2bn, translating to an increase of 53 per cent over the previous year’s N6.6bn.
Its gross earnings, which stood at N63.4bn in December 2011, increased to N91.9bn in 2012, signifying a gain of 45 per cent. The total assets increased to N676.8bn last year, a 22 per cent increase compared to the N554.5bn recorded in December 2011.
The statement said the strong performance was indicative of the soundness of the group’s decision to adopt a holding company structure, in line with its strategy to provide end-to-end financial services and build a franchise capable of generating sustainable and respectable returns to its stakeholders.
The Chief Executive Officer, Stanbic IBTC Holdings, Mrs. Sola David-Borha, said, “This performance is a testament of the credibility of our strategy to realise our objective of being the leading end-to-end financial solutions provider in Nigeria.
“We continue to assess our risk assets through our robust and systematic risk management practices, whilst ensuring that adequate provisions are made for unforeseen shocks in line with the operating environment.”
She said the group continued to expand its business on the back of growth in transactional volumes and activities, money and capital market activities and loan book.
“Deposits from customers increased by 24 per cent, while our loan book grew by five per cent, despite the sell down of existing large performing exposures to enable us comply with the post restructuring single obligor limit,” she added.
During the period under review, its total operating income increased by 22 per cent to N67.4bn, from N55.2bn in December 2011.
Gross loans and advances to customers went up five per cent to N279.5bn, compared to N266.6bn in December 2011.
Customer deposits went up 24 per cent to N355.4bn from N287.2bn in the corresponding period of 2011, while non-performing loans at N14.3bn decreased by 13 per cent from N16.5bn in December 2011.
David-Borha said the group would continue to seek opportunities in strategic sectors of the economy in order to grow its business in line with its future growth strategy.
“Our expanded branch network, excellent customer service, diversified business model and access to an extensive pool of experience within the group have put us in a desirable position to generate growing value for shareholders in 2013,” she added.