Stanbic IBTC Holdings Plc posted a 50.26 per cent decline in its Profit Before Tax for the first quarter of 2021.
A member of Standard Bank Group, Africa’s biggest banking group, the company’s unaudited first quarter 2021 financial statement showed that PBT dropped to N12.14bn from N24.41bn reported in the corresponding quarter of 2020.
Stanbic IBTC‘s Profit After Tax in the quarter under review also moderated by 45.36 per cent to N11.26bn, compared to N20.60bn recorded in Q1 2020.
Other growth indices were negative, as net interest income fell to N15.86bn from N18.52bn, representing a decline of -14.35 per cent, while trading revenue fell sharply to N3.22bn from N14.42bn. This represented a decline of 77.64 per cent.
The company’s earnings per share (in kobo) also dropped by 49.74 per cent to 96 from 191.
Further analysis of the Q1 2021 result, however, revealed that total shareholders’ equity grew by 1.30 per cent to N383.53bn against N378.60bn it recorded in Q1 2020.
The company’s total assets now stand at N2.57tn in the review quarter, up by 3.34 per cent.
Stanbic IBTC had, in January, discontinued its Bureau De Change arm, citing the possibility of executing BDC services at its bank branches without the need of an independent subsidiary.
