Stanbic IBTC Holdings Plc, a member of Standard Bank Group, has announced its six months unaudited results for the period ended 30 June 2015, with gross earnings at N68.3 billion, an increase of 11 percent over the N61.7 billion recorded in the comparable period of last year.
According to the result, which was presented at the Nigerian Stock Exchange in Lagos at the weekend, its profit before tax, during the period stood at N9.5 billion, while profit after tax was N9.6 billion. Total assets went up nine percent to N1.03 trillion from N944.5 billion in December 2014.
The Group maintained adequate capital to support its business in the first half of 2015, well above the regulatory requirement. The group’s total capital adequacy ratio closed the period at 15.3 percent (bank 13.9 percent), while the tier 1 capital adequacy ratio stood at 12.6 percent (bank 10.6 percent). These ratios were well above the 10 percent minimum statutory requirement.
Commenting on the results, the Chief Executive Officer, Stanbic IBTC Holdings Plc, Mrs. Sola David-Borha, stated that the group was seeking to raise N20.4 billion in rights issue to support its planned growth opportunities as well as business risks and contingencies.
“Stanbic IBTC’s performance recorded in the first half of 2015 was characterised by steady growth in its balance sheet whilst our strong focus on cost containment helped to mitigate the impact of rising cost of funds and credit impairments on our operating performance,” she stated, adding that “our focus for the rest of 2015 is to reduce cost of funds and continue to resolve impaired risk assets to ensure increased profitability by year end. We remain optimistic that we can achieve these goals.”
Following the adoption of the holding company structure in 2012, the operating subsidiaries of Stanbic IBTC Holdings Plc are Stanbic IBTC Bank (including Stanbic Nominees Nigeria Limited), Stanbic IBTC Pension Managers Limited, Stanbic IBTC Asset Management Limited, Stanbic IBTC Stockbrokers Limited, Stanbic IBTC Trustees Limited, Stanbic IBTC Ventures Limited, Stanbic IBTC Capital Limited, Stanbic IBTC Investments Limited, Stanbic IBTC Capital Limited, and Stanbic IBTC Investments Limited.
Stanbic IBTC Holdings Plc, a member of Standard Bank Group, is a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African bank by assets and earnings. It is rooted in Africa with strategic representation in 20 countries on the African continent, including South Africa. Standard Bank has been in operation for 151 years and is focused on building first-class, on-the-ground banks in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, globally.