The Holding company reported N116.4 billion profit after tax, about 71.3per cent increase from N67.92 billion reported in half year ended June 2023.

The Group’s in its profit & loss figures posted on the Nigerian Exchange Limited (NGX) declared N147 billion profit before tax in H1 2024, about 77 per   cent increase from N82.99 billion reported in H1 2023.

Amid significant increase in profit, the management of Stanbic IBTC Holdings announced an interim dividend of N2.00 per ordinary share of 50 kobo each, that is, N25.9 billion.

The group’s gross earnings rise to N378.55 billion in H1 2024, representing a 77.44 per cent increase from the N213.33 billion gross earnings posted in H1 2023.

From the profit & loss figures, net interest income of Stanbic IBTC Holdings stood at N174.3 billion in H1 2024, about 140 per cent increase from N72.68billion reported in H1 2023, driven by interest income and expenses.

In the period under review, its interest income stood at N246.13billion, 123 per cent growth from N110.26billion in corresponding period, while interest expenses moved from N37.6 billion in H1 2023, representing an increase of 91.2 per cent from N71.83 billion declared in H1 2024.

From the balance sheet position, the group declared N6.1 trillion total assets as of June 2024, about 19per cent increase from N5.15 trillion reported in 2023 full financial year.

The growth in total assets is driven by N2.17 trillion loans and advances as of June 2024, about 6.5 per cent increase from N2.04 trillion reported in 2023 and N2.89 trillion deposits from customers as of June 30, 2024, representing an increase of nearly six per cent from N2.7 trillion reported in 2023 full financial year.

The Group in 2023 financial year had announced profit before tax of N172.91 billion, up 72per cent from N100.27 billion reported in 2022, while profit after tax was at N140.62 billion, an increase of 74per cent from N80.73 billion in 2022 financial year.

While commenting on the 2023 FY results, Dr Demola Sogunle, the chief executive, Stanbic IBTC, in a statement said, ““Our strategic theme for 2023 was “Accelerating Growth”, and notwithstanding the trends in the Nigerian operating environment, we were able to record remarkable progress in our key focus areas.

“We recorded increase in profitability, growth in assets under management (AuM) while our loans and advances and customer deposits also grew during the year, showing growth in clients franchise and our ability to support our customers in meeting their financial needs.”

“Looking ahead, our vision for 2024 is one of continued innovation, growth, and unwavering commitment to our clients and stakeholders”.

The event celebrated organizations that exemplified unwavering dedication to gender equality and the empowerment of women in the workplace.

Stanbic IBTC emerged as the winner of both the highly regarded Company Leadership Gender Diversity Award and the prestigious Gender Equality Champion Award. These accolades were in acknowledgment of Stanbic IBTC’s relentless efforts in promoting gender diversity, inclusivity, and equality within its workforce and the wider business community.

The Company Leadership Gender Diversity Award was a testament to Stanbic IBTC’s commitment to creating an inclusive workplace environment that offered equal opportunities to all employees, regardless of gender. Through various initiatives, the organization implemented policies and practices that actively promoted gender diversity and encouraged the advancement of women into leadership positions.

Furthermore, the Gender Equality Champion Award solidified Stanbic IBTC’s position as a frontrunner in the fight for gender equality.

The award recognized the organization’s exceptional contribution to advancing gender equality within Nigeria’s financial sector.

Stanbic IBTC continuously advocated for gender-balanced leadership, facilitated mentorship programs, and provided career growth opportunities for women in the industry.

In addition to the two prestigious awards, Stanbic IBTC received Special Recognition for its outstanding efforts in scaling up the Blue Women Network (BWN). The BWN program, aimed at promoting gender equality in the workplace, empowered women and provided them with a platform to network, share knowledge, and develop their skills.

Dr. Demola Sogunle, Chief Executive of Stanbic IBTC Holdings PLC shared his heartfelt gratitude for the recognition bestowed on the Group, stating, “A diverse and inclusive workforce drives innovation, enhances decision-making, and paves the way for a more sustainable future. Stanbic IBTC will continue to champion gender equality and diversity, both within our organization and beyond.”

The IFC and NGX Nigeria2Equal Program Dinner and Awards event brought together leaders from various sectors, government officials, and gender advocates to celebrate the outstanding contributions made by organizations in promoting gender equality. The occasion served as a platform to share best practices and ideas that could further advance gender equality in Nigeria.

With their remarkable achievements, Stanbic IBTC continues to inspire other organizations to prioritize gender diversity and equality by setting an excellent example for the financial industry in Nigeria and beyond.

Their unflinching commitment to creating a more equitable and inclusive society serves as a shining beacon of progress and opportunity for all.

Having received all required regulatory approvals and licenses to commence operations, the subsidiary will operate under the name Stanbic IBTC Financial Services Limited.

It will function primarily as a Payment Solutions Provider (PSP), focusing on developing innovative technology solutions to enhance Stanbic IBTC’s existing financial services offerings.

The launch of Stanbic IBTC Financial Services Limited (SIFSL) marks an important milestone for Stanbic IBTC as the company seeks to remain at the forefront of the rapidly evolving financial services industry.

The subsidiary will leverage cutting-edge technology and expertise to provide customers with new and improved ways for businesses to manage their finances, sell online and collect payments via innovative payments and eCommerce solutions.

Speaking on this development, Dr Demola Sogunle, the Group Chief Executive of Stanbic IBTC Holdings PLC, indicated that the establishment of a Fintech business would provide Stanbic IBTC with the opportunity to penetrate further into the payments and Fintech markets and thus contribute to the growth of the overall business of the Group.”This development is exciting for our company as we continue to invest in new technologies and solutions that will allow us to serve our customers better and remain a leader in the financial services industry.”

Stanbic IBTC Holdings PLC‘s strategic intent is to be Nigeria’s leading end-to-end financial solutions provider.

In furtherance of this objective, SIFSL will facilitate payments processing, eCommerce, consumer lifestyle payments and other value added services, thus complementing other businesses currently being operated by the Group.

SIFSL will operate as a separate legal entity under the Stanbic IBTC umbrella, with its Management team and dedicated resources to drive innovation and growth. The subsidiary will work closely with the Group’s existing teams to identify new opportunities and develop customised solutions to meet the unique needs of its customers.

“We believe that Stanbic IBTC Financial Services Limited has the potential to revolutionise the financial services industry by leveraging the power of technology to provide customers with new and innovative ways to manage their finances,” said Stanley Jacob, Chief Executive, Stanbic IBTC Financial Services Limited. “We look forward to driving true platform orchestration that delivers robust payment solutions to businesses, consumers and Government.”

Enhancing the Group’s overall operations and contributing to the growth of the Nigerian financial technology industry, SIFSL will leverage agile practices and innovation to driving financial inclusion, enhance user experiences, improve service delivery, and promote economic growth.