Chief Executive of Stanbic IBTC, Demola Sogunle, says the bank will continue to witness growth in its client franchise and key income lines as revealed in its 9-month financial statement ended September 30, 2022.
Sogunle was reacting to the report which showed that the bank in the nine months under review grew its revenue by 41 per cent, with its profit after tax rising by 38 per cent.
The earnings report disclosed that the company generated N207.4 billion between January to September this year, surpassing the N146.6 billion grossed a year before.
Similarly, Stanbic IBTC’s Net Interest Income rose in the period under review, netting N79.66 billion, which is a 48 per cent rise when compared to the N54 billion posted in nine months 2021.
Also, the commercial bank was able to grow the total operating income to N174.06 billion year-to-September 2022, in contrast to the N123.25 billion Stanbic IBTC recorded the year before, indicating a 41 per cent growth.
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For the net profit, the financials disclosed that profit after tax was up by 38 per cent, closing the period in review with N55.19 billion, against the N39.95 billion reported as PAT between January to September last year.
Commenting on the report, Sogunle said the group’s profitability which also increased by 57 per cent Quarter-on-Quarter is largely attributable to impressive growth in net interest income and other revenue sources.
“This was supported by lower credit impairment charges and operating expenses when compared with the second quarter. The uplift in net interest income resulted from increase in the volume and yield on risk assets as we sustained our loan growth performance.
“In addition, trading revenue grew by 47 per cent QoQ following the increase in trading activities during the third quarter. Sustained focus on cost optimisation led to an 8 per cent QoQ decline in our operating expenses. As such, our cost-to income ratio improved to 56.1 per cent from 59.9 per cent in the first half of the year, and 64.3 per cent in the prior year.”