In the first half of 2023, Stanbic IBTC recorded Profit Before Tax (PBT) of ₦82.99 billion, up 108% from the PBT recorded in the same period for 2022.

Profit After Tax (PAT) of ₦67.92 billion was achieved in the first half of 2023, up 121% for the same period in 2022.

Driven by robust growth across its revenue streams, the company’s net interest income rose by 44%, amounting to ₦72.68 billion. Additionally, non-interest revenue surged by an impressive 57%, reaching ₦98.62 billion.

The initial months of 2023 were dominated by significant incidents like the general elections and cash scarcity, which temporarily impacted business activities. However, the tide turned in the second quarter as business activities gained momentum.

The Stanbic IBTC Bank Purchasing Manager Index (PMI) rebounded, surpassing the 50-point mark in April 2023, to close at 53.2 in June 2023, indicating positive economic trends. Improved access to cash, heightened customer demand, and business expansion contributed to the resurgence.

Dr Demola Sogunle, Chief Executive, Stanbic IBTC, said, “The first half of 2023 was an eventful one for us as an organisation within the Nigerian operating environment…we reported significant growth in our key income lines during the period under review. The Group’s profitability increased by over 100% year-on-year (YoY), driven by growth across our revenue streams. Interest income grew by 62% YoY, mainly due to higher yield and volume of loans and investments, which aligns with our efforts to support our clients through loan offerings and investment opportunities.”

Demola reiterated that the organisation retained its Fitch AAA (nga) rating, reaffirming its position as the only financial services provider in Nigeria with the highest rating from a global rating agency. He assured that the organisation will continue supporting its clients’ growth by providing solutions that aid their expansion.

According to him, “Stanbic IBTC Bank successfully processed the first inbound commercial transaction on the Pan African Payment and Settlement System (PAPSS) in Nigeria, an initiative of the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat, designed to promote intra-African trade and economic integration. This demonstrates our efforts to provide our clients with efficient, secure payment and settlement solutions across Africa. We will continue to leverage our expertise to provide solutions that enable our clients to unlock the full potential of the African market.”

The company’s diverse income streams underscore its resilience and adaptability. Interest income grew by 62% year-on-year, buoyed by higher yields and loan volumes. Net fees and commission income increased by 12%, attributable to growing fees from digital banking transactions and letters of credit. The sustained growth in trading income was attributed to improved foreign exchange (FX) trading activities and FX revaluation gains.

Stanbic IBTC remains committed to sustainable practices and empowerment initiatives. The company demonstrated its dedication to financial literacy by organising 83 financial awareness sessions, benefiting around 3,500 participants.

In addition to its financial efforts, Stanbic IBTC also launched the Blue Blossom community, tailored to empower Nigerian women through financial and non-financial services.

The company’s financial position saw significant strengthening, evident in key metrics such as total assets, gross loans and advances, and customer deposits. Total assets increased by 47% to ₦4.45 trillion, while gross loans and advances surged by 37% to ₦1.70 trillion. Customer deposits reached ₦1.64 trillion, marking a growth of 32%.

Demola expressed optimism regarding the company’s performance for the rest of the year. He affirmed the company’s dedication to delivering on its 2023 guidance and continuing to provide solutions that unlock the potential of the African market.

With exceptional profit growth, diverse revenue streams, and a commitment to sustainability, Stanbic IBTC Holdings PLC continues to make significant strides in Nigeria’s financial landscape.

These financial solutions include C’Gate Payment, Payment Gateway Service, PrimePay, and POS terminal.

The Bank observed the challenges businesses face when receiving payments during transactions. Thus, its digital payment products will enable business owners to collect payments for transactions more efficiently.

Speaking on the digital products, Olutimi Ibrahim, Head, Digital and eCommerce, Stanbic IBTC Bank said the digital solutions were carefully thought out with business owners in mind to allow them to transact business seamlessly.

He said, “Digitalisation has simplified financial processes across the board, and as an institution at the forefront of innovation, we want business owners and merchants to be able to attend to their customers efficiently and receive payments easily. These digital payment solutions are made to suit the needs of merchants and businesses of all sizes and solve their business problems.”

“With the C’Gate Payment, a merchant can generate a unique reference code to give the customer. The customer then dials *USSD*000*unique code# and follows the prompt to complete transactions. Our  Payment Gateway Service is a newly improved service that enables merchants to integrate easily to their website to receive payment. It allows multiple payment options such as USSD, card payments, QR codes, and account payments.

It also accepts various banking cards like MasterCard, VISA, Verve, Amex, Union Pay, and others,” he added.

Another product is the PrimePay portal which allows merchants to receive payments by getting a personalised payment link and accepting payments via USSD, card payment, bank transfers, QR codes, and mobile wallets. With the Stanbic IBTC POS terminal, merchants can receive payments after transactions easier and faster as the gadgets have been configured to reflect payments made as they come in without hitches.

Olutimi said “Stanbic IBTC Bank is constantly in search of innovative means to enable merchants to receive payment from their customers during business transactions. I urge them to take advantage of our digital payment products. New business owners are welcome to use these services as well.”

Stanbic IBTC Bank remains committed to providing new innovative solutions to improve customers’ banking experience.