STANBIC IBTC Holdings Plc has declared a profit after tax of N75 billion for the year ended December 31, 2019, an increase of 0.81 percent over N74.4 billion reported in 2018.
Profit before tax for the year stood at N90.9 billion, representing a three percent increase compared N88.2 billion posted in 2018.
Commenting, Yinka Sanni, Chief Executive, Stanbic IBTC Holdings, said: “Our financial results were largely in line with market guidance. We achieved double digit growth in both assets under management (AuM) and loans. Loan-to-deposit ratio was .5 percent above the regulatory minimum of 65 percent as at December 31, 2019. Non-performing loans ratio was 3.9 percent, similar level with prior year and within acceptable limit of five percent.
“The Group’s total assets grew by 13 percent aided by the growth in loans and financial investments portfolio. Our Personal & Business Banking division contributed to profit yet again with a significant improvement in profit after tax year-on-year. Cost of risk was 0.2 percent compared to the write-back in prior year due to a non-occurrence of a significant recovery, however it is still well below our guidance of 3 per cent.
Our sustained focus on cost containment coupled with revenue growth during the year yielded an improvement in cost-to-income ratio of 50.4 per cent from 52.9″ per cent in 2018.