Stanbic IBTC Plc. has released full year 2018 financial results showing growth in the bank’s top and bottom line.
The results released to the Nigerian Stock Exchange (NSE) revealed a 5% increase in gross earnings of N222.4 billion in 2018 from N212.4 billion in 2017.
This growth was primarily driven by the 15.1%t increase in non-interest income, which expanded to 46.1% of gross earnings (from 42.0% in FY:2017).
The increase in the bank’s non-interest income was driven primarily by fees and commissions income from asset management fees, which increased by 21.3% (N41.2bn), in line with growth in the AUM of 18.8% to N3.2 trillion.
Net profit position for the bank was however 54% higher than previous year at N74.4 billion in 2018, as a combination of write-backs and lower effective tax rate boosted the bottom-line.
Consequent on the impressive performance, the company declared a final dividend of N1.50/share, which translates to a dividend yield of 3.1%, considering the bank’s share price as at 12/03/2019).
Yinka Sanni, CEO of Stanbic IBTC Holdings Plc said strong growth in fees and commission income as well as write-backs, which resulted from recoveries made on previously written off loans and reversals on some non-performing loan, contributed to the strong showing.
He outlined that performances across its three divisions, corporate and investment banking, wealth management businesses, and personal & business banking, were strong and contributed to the turnover.
“As a financial institution we will continue to leverage our universal financial services capability, unrelenting focus on cost control, digitisation and client centricity to ensure that we continue to grow our capacity to provide incomparable high quality end-to-end financial solutions to our customers in a sustainable manner,” Sanni said.