Stanbic IBTC Holdings Plc reported a significant increase in profit after tax, rising by 71% to N116.36bn in the first half of the year from N67.92bn in the previous year. This information was disclosed in the bank’s financial statements for the six months ending June 30, 2024, filed with the Nigerian Exchange Limited.
The bank’s net interest income showed a 54% increase to N174.30bn, driven by a surge in interest income to N246.13bn, a 123% rise from the previous year. Interest expenses also rose by 91% to N71.83bn due to higher interest rates and increased borrowings.
Non-interest revenue grew by 31% to N129.15bn, supported by higher fee and commission revenue and other income sources. However, net impairment losses on financial assets increased by 344% to N26.55bn.
Operating expenses went up by 58% to N129.89bn, mainly driven by higher staff costs and operational expenditures. Stanbic IBTC disclosed that N563bn in off-balance sheet pledged assets were recognized, representing 30% of the original transaction amount.
The bank also mentioned plans to raise approximately N550bn through a debt issuance program and a rights issue.