Following resolution of the issue with Financial Reporting Council of Nigeria (FRC), Stanbic IBTC Holdings Plc has announced its audited financial statements for the year ended December 31, 2016 with the group’s profit after tax (PAT) increased by 51 per cent from N18.90 billion earned in 2015 to N28.52 billion in 2016.
At its 5th Annual General Meeting (AGM) held in Lagos on Tuesday, September 12, 2017, the group reported a total income of N126.05 billion for the period under review, representing an increase of 25 per cent over the N100.65 billion achieved in 2015. This was largely due to an increase in interest income and fees and commissions.
Also, the group’s net interest income increased by 32 per cent from N43.86 billion in 2015 to N57.86 billion in 2016, while non-interest revenue increased by 20 per cent to N68.19 billion, from N56.79 billion in 2015.
Reviewing the performance, Chief Executive, Stanbic IBTC Holdings, Mr. Yinka Sanni, said despite very challenging macro-economic conditions, the institution remains in very sound financial shape, as shown in the 2016 performance and the 2017 half year result.
“Our business grew despite the adverse macroeconomic environment, withstanding the economic headwinds through a disciplined approach that leveraged on innovation and technology to create value for our customers and stakeholders in a cost-efficient manner. The fundamentals of our business remain strong and as we purposefully execute our strategy, we are optimistic that we will continue to improve,” Sanni said.
The group’s total assets grew by N115.96 billion or 12 percent from N937.56 billion to N1.053.52 trillion at the end of 2016. The bank’s deposits from customers increased by N67 billion or 14 per cent from N493.51 billion to N561 billion at the end of 2016.
“The Stanbic IBTC brand remained strong and we were able to mitigate the heightening legal and regulatory risk environment. In the course of the year, we reached a settlement with the Financial Reporting Council of Nigeria (FRCN) and got final approval for the release of our 2015 results. We maintained our dominance across our key businesses and made significant progress in our Personal and Business Banking business,” he added.
The addition of the insurance brokerage business in 2016 further increased our capacity to deliver end-to-end financial solutions to our customers.
Sanni emphasized that the institution remains on track to maintain its long-term strategic growth and profitability objectives by prioritising asset quality through diligent and systematic approach to risk management.
At the event, Professor Fabian Ajogwu was elected an independent non-executive director, while Basil Omiyi and Ballama Manu were re-elected non-executive directors. Omiyi, who was appointed to the Board in March 2015, had emerged the Chairman in April 2017 following the resignation of Atedo Peterside, the founding managing director and chairman.