Stanbic IBTC Plc, a member of the Standard Bank Group, has said its gross earnings rose by 13 per cent in its unaudited results for the first half of year 2011, to N32.2 billion, as against the N28.4 billion recorded last year.
A statement from the bank said its operating income increased by 14 per cent to N27.6 billion, as against the N24.1 billion achieved last year. Its profit before tax stood at N6.6 billion while its profit after tax at N4.7 billion.
Chief Executive Officer, Stanbic IBTC Bank Plc, Sola David-Borha, was quoted to have expressed satisfaction with the performance.
“We are pleased to announce that Stanbic IBTC has continued to be profitable in the first half of the year 2011, with our financial results showing considerable growth. Our gross earnings were up 13 per cent on last year’s figures and both net interest income and non-interest revenue grew by 7 per cent and 25 per cent respectively,” she said.
Buoyed by its growing footprint across Nigeria, deployment of cutting edge technology, excellent service delivery and talented people, David-Borha said the bank was in good stead to deliver even higher performance.
She said: “We continued to maintain our traditional capital strength and healthy liquidity position throughout the period, and we are in a good stead to capture further market share on the back of our growing footprint, excellent service leveraging technology and our skilled and talented workforce. While 2011 is likely to remain a challenging one for the banking sector in Nigeria, we remain confident that our strategy will continue to deliver long term value to our shareholders.”
Stanbic IBTC’s share price stood at N9.20 per share as at Tuesday.
The bank which is a universal bank, offers its clients a wide range of corporate, investment, wealth and personal banking products and solutions.
With over 160 branches across the country and over 2,400 dedicated staff, the bank has grown quickly since it was formed in the 2007 merger of Standard Bank.
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