Stanbic IBTC Holdings Plc has announced its financial results for the first quarter (Q1) ended March 31, 2020, showing a marginal increase in top-line and profitability.
Gross earnings stood at N61.4 billion, showing an increase of 4.6 per cent over the N58.7 billion recorded in the corresponding period of 2019.
Net interest income fell 8.3 per cent from N20.2 billion to N18.5 billion, while credit impairment charges printed at N1.967 billion, compared with a write back of N1.391 billion in 2019. Operational expenses increased from N23.5 billion to N24.8 billion, making the bank to end the quarter with a profit before tax (PBT) of N24.4 billion, as against N23.5 billion.
The PBT in Q1 2020, showed an increase of 3.8 per cent compared to Q1 of 2019.
However, profit after tax rose faster by 7.6 per cent from N19.2 billion in 2019 to N20,6 billion in 2020 on the back of lower tax expenses. Stanbic IBTC recorded loans growth of 16.9 per cent from N535.2 billion to N625.7 billion, while customers’ deposits rose 31 per cent per cent to N1.167 trillion compared with N887 billion in 2019. Total assets rose by 29 per cent from N1.877 trillion to N2.427 trillion.
Meanwhile, the Nigerian equities market closed in the positive territory as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) appreciated by 0.49 per cent to 22,727.87. Similarly, market capitalisation added N58.2 billion to be at N11.8 trillion.
Activity level rose as value and volume traded climbed 151.4 per cent and 106.7 per cent respectively to N2.8 billion and 266.6 million shares. The most active stocks by volume were UBA (48.8 million shares units), FBN H (39.1 million shares) and Access Bank Plc (34.1 million shares) while Nestle Nigeria Plc (N538.5 million), Zenith Bank Plc (N395.1 million) and GTBank (N391.7 million) led the value chart.
UBA, which led the activity chart by volume will hold its annual general meeting (AGM), while FBN Holdings Plc that came second, had its AGM on Monday.
At the FBN Holdings’ AGM, shareholders approved that approved the N13.64 billion dividend recommended for the year ended December 2019, even as the group reiterated its promise to place its shareholder value at the forefront of its operations.
Commending the board and management on the improved results and the dividend recommended, Sir Sunny Nwosu of the Independent Shareholders Association of Nigeria (ISAN), said:“I want to put on record, our appreciation for the dividend being proposed. We look forward greater dividend in the future because we believe we have in place a management with good thinking. So, we are expectant of good products.”