Stanbic IBTC Holdings Plc,the holding company under which umbrella Stanbic IBTC bank falls announced Wednesday that it saw a 64.4 percent rise in its pre-tax profit from N37.2 billion in the 2016 financial year to N61.2 billion last year.
Profit after tax also grew by 69.6 percent as the holding company reported it achieved N48.4 billion in the 2017 against N28.5 billion in 2016, it said in a statement to the The Nigerian Stock Exchange (NSE).
Gross earnings during the period rose to N212.4 billion from N156.4 billion recorded in 2016, representing a growth of 35.8 percent.
The group also made other significant improvements across all three divisions during the period under review. Total assets increased to N1.386.4 trillion last year, a 32 percent boost compared to the N1.053.5 trillion recorded in December 2016.
The growth in the balance sheet size was driven mainly by customer deposits, which recorded a growth of 34 percent to N753.6 billion in 2017 from N561.0 billion in 2016. Gross loans and advances grew by eight percent to N403.9 billion, compared to N375.3 billion recorded in December 2016.
The group maintained adequate level of capital during the year. The total capital adequacy ratio closed at 23.5 percent, which is significantly higher than the 10 percent minimum regulatory requirement. The group’s liquidity ratio during the year further improved to 115.4 percent at the end of the year, while Stanbic IBTC Bank’s liquidity ratio also increased to 102.3 percent (2016: 59.1 percent). This is above the regulatory minimum requirement of 30 percent and indicates the group’s sound position to continue meeting its liquidity obligations in a timely manner.
Stanbic proposed a final dividend of 50 kobo per ordinary share of 50 kobo each, which amounts to N5,024,732,865.50, subject to deduction of appropriate withholding tax and approval. This is to be paid to shareholders whose names appear in the Register of Members as at the close of business on Wednesday 28 March 2018.