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Stanbic IBTC Holdings Plc, the parent company of Stanbic IBTC Bank and Stanbic IBTC Pension Managers, amongst other subsidiaries, delivered a strong full year 2024 performance, according to CardinalStone Research’s analysis of the unaudited consolidated and separate annual financial statements of the group.

Annualised profit after tax of the holding company increased by 43.7%, to N202.1 billion. The group’s earnings per share (EPS) also increased to N15.3, compared with N10.6 in 2023.

“This growth was driven by robust gross earnings (+78.2% YoY), which offset rising operating expenses (+46.1% YoY) and interest expenses (+63.5% YoY),” noted CardinalStone Research.
 
The surge in gross earnings to N566.5 billion was fuelled by more than two times growth in interest income and a 1.3x rise in non-interest revenue (NIR) to N236.4 billion. Interest income benefited from the high-yield environment, which nudged asset yields higher to 17.5%, compared to 11.3% in 2023.

The NIR growth was primarily supported by a 128.2% increase in foreign currency service fees and a 37.1% rise in asset management fees, which outweighed the 7.9% decline in trading revenue.