Stanbic IBTC Holdings Plc has recorded N83 billion profit and which showed an increase of 10.9 percent in 2020.
The audited financial statements of the financial service group were released on Wednesday, March 24.
The financial results saw bad debt provision rose by more than five times in a year in the pandemic outbreak aggravated credit quality.
The results also noted that financial institution’s gross earnings inched from N233.8 billion to N234.5 billion.
This drew strength from a 14.7 per cent expansion in non-interest revenue, which advanced from N108.8 billion to N124.8 by reason of a growth in trading income by as much as 43.4 per cent.
The group highlighted the strong performance of its asset management division, Stanbic IBTC Asset Management Limited, which contributed N47 billion or two-thirds of its net fee and commission revenue of N71.1 billion.
Pre-tax profit climbed to N94.7 billion from N90.9 billion a year earlier. Profit for the year stood at N83 billion up from N75 billion.
The bank aside a total of N9.9 billion as bad debt provision relative to the N1.6 billion committed to that purpose in 2019. And of course, shareholders fund saw a one-fourth growth from N302 billion to N378.6 billion.
Meanwhile, Techeconomy.ng reported that Stanbic IBTC Bureau De Change Limited (SIBDC), a subsidiary of Stanbic IBTC Holdings Plc, had relinquished its operating license in conducting its Bureau de Change operations with effect from January 1, 2021.
This was contained in a statement signed by the bank’s Secretary, Chidi Okezie, and made available on Nigerian Stock Exchange (NSE’s) official site.
According to the statement, the discontinuation of operations of the BDC business was primarily driven by changes in regulations, “which now affords customers with the opportunity of purchasing foreign exchange (PTA and BTA) directly from Stanbic IBTC Bank at any of its branches nationwide.”
The statement read in part: “The intention is to repurpose this subsidiary for other business venture in the near future, and stakeholders would be duly notified when all engagements have been concluded in this regard.