Stanbic IBTC Holdings PLC, a member of the Standard Bank Group, has
\nannounced its mid-year audited results for the period ended June 30,
\n2019. The Group also announced an interim dividend of 100 kobo.<\/p>\n
According to the Stanbic IBTC\u2019s income statement, the Group recorded an
\nincrease in gross earnings to N117.4 billion, representing a 3% growth.
\nThe company also maintained its total operating income of N94 billion.<\/p>\n
Profit before tax stood at N44.7 billion, while profit after tax was
\nN36.2 billion. Other results reflect an increase in non-interest revenue
\nwhich stood at N54.9 billion while net-interest income was N39.3
\nbillion.<\/p>\n
Stanbic IBTC\u2019s balance sheet reflect that the Group\u2019s total asset\u2019s was
\nN1,619.3 billion while the gross loans and advances was N479.7 billion,
\nan increase in 5%, compared to last year\u2019s figures. While customer
\ndeposits was N693.5 billion, there was an improvement in
\ncurrent-and-savings-accounts deposits mix which went up to 68.9%.<\/p>\n
Speaking at the formal announcement of the results at the Stanbic IBTC
\nHoldings PLC Headquarters, Yinka Sanni, Chief Executive, Stanbic IBTC,
\nstated that the Group\u2019s business segments were profitable, despite the
\nchallenging business and regulatory environment.<\/p>\n
He said: \u201cOur financial results in the first half of 2019 reflected
\nsimilar trends encountered in the first quarter. The operating
\nenvironment remained muted, regulatory changes coupled with the highly
\ncompetitive landscape continued to impact overall returns. Still, our
\ndiversified business model continues to set us apart. Our business
\nsegments remained profitable and resilient although at a slower pace
\nwhen compared to prior year.\u201d<\/p>\n
Sanni disclosed that there has been a return to growth in the second
\nquarter, mainly from the communication and oil and gas sectors. He
\nfurther added that the gross non-performing loan to total loan ratio
\nwhich was 3.91%, was within acceptable regulatory limits.<\/p>\n
Speaking on other areas of the mid-year results in which the Group
\nexperienced growth, he noted that assets under custody rose to N7
\ntrillion (representing a 42% growth) while assets under management grew
\nby 8% to N3.5 trillion.<\/p>\n
Sanni highlighted three areas through which Stanbic IBTC Holdings
\nachieve growth targets as: EZ cash loan\/advance, a recently launched
\ninstant credit solution; enhanced migration of customers to digital
\nplatforms and the launch of RetireWell Individual Retirement Savings
\nAccount, a retirement savings account targeted at self-employed
\nindividuals.<\/p>\n
He shed more light on those initiatives: \u201cTo further drive credit
\ngrowth, in the retail space, we launched an instant credit solution
\nnamed EZ cash loan\/advance, which gives access to loans in less than a
\nminute to pre-approved customers. This, among other initiatives, will
\nenable us achieve the targeted loan growth for the year.<\/p>\n
\u201cThe disciplined execution of our digital strategy has seen customers
\nincreasingly adopting and transacting on our digital platforms. The
\nnumber of transactions performed by customers on our digital channels
\nwas up 26% between H1 2019 and H1 2018. This translated into a
\nyear-on-year growth of 71% in electronic banking fees. Moreover, we
\ninstituted a digital academy targeted at equipping staff with digital
\nskills at various levels while also driving collaboration with Fintech
\nplayers to position us for early adoption of innovative solutions.<\/p>\n
\u201cFollowing the launch of the micro pension initiative by the government
\nearlier in the year, we deployed the RetireWell Individual Retirement
\nSavings Account. We have put in place strong agency network in key
\nlocations to drive growth in this area and we have made good progress in
\nthis regard.\u201d<\/p>\n
Stanbic IBTC Holdings PLC, a member of the Standard Bank Group, has announced its mid-year audited results for the period ended June 30, 2019. The Group also announced an interim…<\/p>\n","protected":false},"author":1,"featured_media":18955,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-68754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n