Stanbic IBTC profits increase by 7.5% in Q1 2020

Stanbic IBTC Holdings Plc has released its unaudited consolidated interim financial statements for first quarter 2020. The financial statements demonstrate positive figures across most financial indicators. The breakdown of the report is shown below:

Gross Earnings: Stanbic IBTC Holdings generated N61.4 billion in gross earnings as at March 2020, compared to N58.6 billion recorded at the end of the first quarter of 2019. This represents an increase of 4.6%.

Profit Before Tax: As at the end of the first quarter of March 2020, the group recorded N24.4 billion as profit before tax, up from N23.5 billion at the end of Q1 2019. This represents an increase of 3.8%.

Profit After Tax: The group recorded a profit of N20.6 billion for the first quarter of 2020, compared to N19.1 billion recorded at the end of March 2019, representing a 7.5% increase in profit after tax.

Earnings Per Share: Stanbic IBTC recorded an Earnings Per Share of 191 kobo for Q1 2020 as against 181 kobo recorded as at the end of March 2019.