Stanbic ibtc posts n75bn profit in 2019
According to various sources, Stanbic IBTC Holdings, a leading financial institution in Nigeria, reported a profit after tax of N75 billion (approximately $200 million USD) for the year 2019.
This represents a significant increase from the N44.4 billion profit recorded in 2018, indicating a growth of 69.7% year-on-year. The impressive performance was attributed to the bank's strategic initiatives, including its focus on digital transformation, expansion of its retail and corporate banking businesses, and effective risk management.
Some of the key highlights from Stanbic IBTC's 2019 financial results include:
- Gross earnings: N444.4 billion (approximately $1.2 billion USD), representing a 14.1% increase from 2018.
- Profit before tax: N93.4 billion (approximately $250 million USD), representing a 24.5% increase from 2018.
- Return on equity (ROE): 24.5%, indicating a strong return on shareholders' investment.
- Return on assets (ROA): 3.4%, indicating a healthy return on assets.
Stanbic IBTC's strong performance in 2019 was driven by its diversified business model, which includes banking, insurance, and investment management services. The bank's commitment to innovation, customer service, and risk management has enabled it to maintain its position as a leading financial institution in Nigeria.
It's worth noting that the bank's 2019 financial results were announced in March 2020, and the figures may have changed since then due to various market and economic factors.