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Stanbic IBTC Holdings released its consolidated financial statements and auditor's report for the year ended 31 December, 2018, on Thursday, showing a profit after tax of N74.44 billion in 2018, compared to N48.38 billion recorded in the previous year. Investors reacted positively to the 53.4 percent jump in profit as the group's stock rose 3 percent to close at N48 per share at the Nigerian Stock Exchange (NSE) today.

The group's gross earnings increased by 4.7 percent to reach N222.36 billion last year. Stanbic IBTC Holdings said while its interest income for the year ended 31 December, 2018 declined by 3.7 percent to N118.38 billion, its non-interest revenue rose 15.1 percent from N89.18 billion in 2017 to N102.60 billion last year.

The group recorded an increase in operating expenses from N86.03 billion recorded in 2017 to N95.60 billion.

Total assets of Stanbic IBTC Holdings reached N1.66 trillion last year, up 19.4 percent from N1.39 trillion recorded in the previous year. While loans and advances grew 15.6 percent to N441.26 billion in the review period, credit impairments for loans and advances declined by 24.7 percent to N23.91 billion.

Significantly, oil and gas loan impairments decreased by 87.2 percent to N945 million last year, compared to N7.38 billion recorded in 2017. Meanwhile, credit impairments by private households increased to N7.95 billion in 2018, compared to N6.55 billion in the preceding year.

The group, which is 65.35 percent owned by Stanbic Africa Holdings Limited – a subsidiary of Standard Bank of South Africa – recommended final dividend of N1.50 per share for the year, compared to N1.00 per share earnings in 2017.