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Business News of Monday, 29 August 2022

Source: tribuneonlineng.com

Stanbic IBTC posts 36% increase in profit for H1’2022

Stanbic IBTC Stanbic IBTC

STANBIC IBTC Holdings Plc, for it’s first half of 2022 financial results has posted a profit of N31 billion, a 36 percent increase from the N23 billion it reported in the first half of last year.

According to the results submitted to the Nigerian Exchange Limited (NGX), the company saw its gross earnings rise by 42 billion from N93 billion in the half year 2021 to reach N135 billion in the half year 2022.

Further look at the result indicated that the net interest income stood at N50 billion in the first half of 2022, indicating a jump from the 32 billion in the same period last year. This is as the net income and net expenses were valued at N68 billion and N18 billion respectively in the study period compared to N44 billion and N11 billion in the first half of last year.

Net fees and commission revenue were N46 billion in H1 2022 from N41 billion in H1 2021 with the most income from Asset management fees at N28 billion followed by brokerage and financial advisory fees at N5.8 billion and others during the period of study while the fees and commission expenses was N2.635 billion in H1 2022, a slight movement from the N2.626 billion in H1 2021.

Similarly, the income from life insurance activities was valued at N136 million after the insurance premium revenue ceded to reinsurers and insurance benefits and claims paid were deducted from the insurance premium received.

Notably, the group saw massive growth in the record gross premium income in H1 2022 at N7.4 billion from the low record of N453 million last year. The difference signifies proof of return to economic activities compared to last year when many businesses still struggled to get back on their feet.

Trading revenue was up to reach N16 billion in H1 2022 from N5.4 billion and other income was valued at N938 million in H1 2022 from a loss of N904 million in H1 last year.

Stanbic IBTC saw operating expenses go up to a value of N68 billion as a result of an increase in staff costs and other operating expenses.