STANBIC IBTC Holdings PLC Reports Strong H1 2023 Financial Performance with Impressive Profit Growth and Market Price Surge

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STANBIC IBTC Holdings PLC has released its H1 2023 financial analysis, showcasing remarkable growth in key financial areas. The company experienced a 62% year-on-year increase in interest income, reaching ₦110.3 billion, driven by improved lending and investment activities. Despite a 110% surge in interest expense due to rising borrowing costs, net interest income grew by 44% to ₦72.7 billion, indicating enhanced profitability. Profit before tax showed an impressive 108% year-on-year growth, reaching ₦83.0 billion, attributed to operational performance and cost management.

The company’s profit after tax surged by 121% to ₦67.9 billion, highlighting robust financial health. Earnings per share (EPS) increased by 127%, indicating strong earnings growth. Total assets expanded by 41% to ₦4.45 trillion, while total liabilities increased by 44% to ₦4.0 trillion, reflecting increased business activity and obligations. The market price of STANBIC IBTC shares soared by 124% to ₦62.80, reflecting positive investor sentiment.

Financial ratios showed a decline in net interest margin, improved cost management, reduced tax burden, and enhanced profitability. Return on average assets (ROAA) increased to 2%, while return on equity (ROE) improved to 0.18. The company’s overall positive performance and growth opportunities were underscored by an interim dividend announcement of ₦1.50 per ordinary share. The report suggests STANBIC IBTC is on a promising trajectory in terms of financial performance and market sentiment.”


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