Stanbic IBTC Holdings, a member of Standard Bank Group, has announced its audited results for the year ended 31 December 2013.
Speaking from the Group’s headquarters in Lagos, Sola David‐Borha, CEO of Stanbic IBTC Holdings, said:
“The group recorded a resilient performance in 2013 as evidenced by the significant growth in revenues and profitability despite the testing operating environment marked by the high interest rate as well as regulatory constraints on revenue streams of banks. This outstanding performance is driven by our diversified business operations, improved efficiency and growing customer base. We are happy to cross the 1 million customer mark in our banking business in 2013. We recorded modest growth in risk assets, deposit liabilities and assets under management as we continue to provide end‐to‐end financial solutions to our valued and highly esteemed customers. We also maintained our market leadership in pension management, asset management, custody, stockbroking, investment banking and global market businesses during the year. We are committed to sustaining this leadership position in 2014 and beyond. We will continue to take advantage of the opportunities across our diverse business operations to increase our revenues and market share in line with our strategy. We remain determined to deliver value to our shareholders and provide a best‐in‐class service to our customers, whilst positioning our business for long term sustainable growth”
Financial highlights
Income Statement
Gross earnings of N111.2 billion, representing 21% increase (December 2012: N91.9 billion)
Net interest income of N37.0 billion, up 10% (December 2012: N33.6 billion)
Non‐interest revenue of N48.2 billion, up 42% (December 2012: N33.9 billion)
Total operating income of N85.2 billion, an increase of 26% (December 2012: N67.4 billion)
Profit before tax of N24.6 billion, up over a 100% (December 2012: N11.4 billion)
Profit after tax of N20.8 billion, up over a 100% (December 2012: N10.2 billion)
Cost to income ratio of 68.0% (December 2012: 72.8%)
Pre‐tax return on average equity of 27.7%
Post‐tax return on average equity of 21.0%
Balance sheet
Total assets up 13% to N763.0 billion (December 2012: N676.8 billion)
Gross loans & advances to customers up 9% to N303.3 billion (December 2012: N279.5
billion)
Non‐performing loans declined by 6% to N13.4 billion (December 2012: N14.3billion)
Non‐performing loans to total loans ratio of 4.4% (December 2012: 5.1%)
Customer deposits, up 17% to N416.4 billion (December 2012: N355.4 billion)
Deposit mix improved to 52% (2012: 43%) of low cost deposits to total deposits