Stanbic IBTC records N68bn gross revenue in 2015 half year

Stanbic IBTC Holdings Plc, a member of Standard Bank Group, has announced its six months unaudited results for the period ended 30 June 2015, with gross earnings at N68.3 billion, an increase of 11 percent over the N61.7 billion recorded in the comparable period of last year.

The result, which was presented at the Nigerian Stock Exchange in Lagos, show that profit before tax during the period stood at N9.5 billion, while profit after tax was N9.6 billion.

Total assets went up nine percent to N1.03 trillion from N944.5 billion in December 2014.
The Group maintained adequate capital to support its business in 1H 2015 which is well above the regulatory requirement.

The group’s total capital adequacy ratio closed the period at 15.3 percent (Bank 13.9 percent), while the tier 1 capital adequacy ratio stood at 12.6 percent (Bank 10.6 percent).
These ratios are well above the 10 percent minimum statutory requirement.

Chief Executive Officer, Stanbic IBTC Holdings Plc, Sola David-Borha, stated that the group is seeking to raise N20.4 billion in rights issue to support its planned growth opportunities as well as business risks and contingencies.