Stanbic IBTC Holdings, a member of Standard Bank Group, has declared a profit before tax of N11.7 billion for 2012, an increase of 16 percent above the N10.1 billion recorded in the corresponding period of 2011, according to its audited results for the financial year ended December 31, 2012. Similarly, profit after tax rose to N10.2 billion, translating to an increase of 53 percent over the prior year's N6.6 billion.
The Stanbic IBTC group also made significant gains in other parameters during the period, as indicated in the results made available at The Nigerian Stock Exchange on Friday, April 19, 2013. Gross earnings, which stood at N63.4 billion in December 2011, increased to N91.9 billion in 2012, signifying a gain of 45 percent. The total assets increased to N676.8 billion last year, a 22 percent increase compared to the N554.5 billion recorded in December 2011.
The strong performance, despite the challenging operating conditions, is indicative of the soundness of the group's decision to adopt a holding company structure, in line with its strategy to provide end-to-end financial services and build a franchise capable of generating sustainable and respectable returns to its stakeholders.
"This performance is a testament of the credibility of our strategy to realise our objective of being the leading end-to-end financial solutions provider in Nigeria. We continue to assess our risk assets through our robust and systematic risk management practices, whilst ensuring that adequate provisions are made for unforeseen shocks in line with the operating environment," stated Mrs. Sola David-Borha, Chief Executive Officer, Stanbic IBTC Holdings PLC.
She said the group continued to expand its business on the back of growth in transactional volumes and activities, money and capital market activities and loan book. "Deposits from customers increased by 24 percent, while our loan book grew by 5 percent despite the sell down of existing large performing exposures to enable us comply with the post restructuring single obligor limit."
During the period under review, total operating income increased by 22 percent to N67.4 billion, from N55.2 billion in December 2011. Gross loans and advances to customers went up 5 percent to N279.5 billion, compared to N266.6 billion in December 2011. Customer deposits went up 24 percent to N355.4 billion from N287.2 billion in the corresponding period of 2011, while non-performing loans at N14.3 billion decreased by 13 percent from N16.5 billion in December 2011.
The group will continue to seek opportunities in strategic sectors of the economy in order to grow its business in line with its future growth strategy, said David-Borha. "Our expanded branch network, excellent customer service, diversified business model and access to an extensive pool of experience within the group have put us in a desirable position to generate growing value for shareholders in 2013."
Following its adoption of the holding company structure, 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 and Stanbic IBTC Investments Limited. Stanbic IBTC Capital Limited and Stanbic IBTC Investments Limited are newly incorporated companies.
Some of the recent milestones recorded by the group include surpassing the 800,000 clients mark in the first year of the launch of the Stanbic IBTC Bank's *909# mobile money solution and attainment of over one million retirement saving accounts by its pension business, Stanbic IBTC Pension Managers Limited.
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