By Afolabi Oluwaseun
Stanbic IBTC Holdings Plc. has reported a 22 percent growth in earnings for the quarter ending March 31, 2018 with gross earnings of N57.4 billion from N47 billion in the corresponding quarter of 2017.
The results released to the Nigerian Stock Exchange Monday, April 23, 2018, indicates that the bank’s profit before tax improved 43.3 percent in the reporting period to N26.7 billion from N18.6 billion in 2017.
The improvements spread through both the top and bottom lines as profit after tax jumped 43.3 percent to N23 billion from N16 billion in 2017. The management should be applauded for making the most of their non-interest revenue has it played a significant role in the quarter on quarter improvement.
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Net assets also increased to N195.9 billion from N156 billion in 2017, representing a 25.6 percent plunge. The company paid about N3.6 billion in taxes up from 2.5 billion in the corresponding period of 2017.