One of the biggest Pension Fund Administrator (PFA) in Nigeria by Assets under Management and number of Retirement Savings Accounts (RSAs), Stanbic IBTC Pension Managers Limited, has released its Abridged Audited Financial Statement for the year 2022.
According to the report, the Stanbic IBTC Pension earned approximately N52,496,280,000 as gross income for the year 2022, a 13.97% increase when compared to the N46,062,363,000 it earned in 2021. The Company’s gross income is largely driven by management fees which is the Fee Income charged on the pension assets it manages, the report added.
A breakdown of the gross income revealed further that N48,371,234,000 was earned from Fee Income, a 14.02% increase compared to the N42,424,323,000 it earned from fee income in 2021, N4,079,362,000 was earned from Investment income, a 12.25% increase compared to the N3,634,297,000 it earned from Investment income in 2021. The company also earned N46,810,000 from other income in the year 2022.
The report also disclosed that the expenses the company incurred during the year 2022 stood at N18,275,354,000 on general expenses, showed a 35.54% increase compared to the N13,483,351,000 for 2021, Staff cost sucked N7,110,276,000 representing a 31.99% increase compared to the N5,387,026,000 for 2021, while Other operating expenses stood at N11,165,078,000 with a 37.90% increase compared to the N8,096,325,000 for 2021 and N11,103,544,000 was spent on Tax Expense, a 4.92% increase compared to the N10,582,835,000 for 2021.
Above all, Stanbic IBTC Pensions Managers Limited profit after tax for the year 2022 stood at N23.116bn, a 5.05% increase compared to the N22.005bn profit after tax for 2021. The report further stated that as regulatorily required, the company has transferred 12.5% representing N2,889bn to statutory reserve while N20.226bn was transferred to retained earnings. The Earnings per share (basic) for the year 2022 anchored at 2312 kobo compared to the 2200 kobo for the year 2021.
