Financial stocks contribute 66.5% of total weekly trading volume

By Dipo Olowookere

In the first nine months of 2022, Stanbic IBTC Holdings Plc increased its gross profit by 41% to N207.4 billion from N146.6 billion in the first nine months of 2021.

In results submitted to the Nigerian Exchange (NGX) Limited, the company also improved its net interest income by 48% to N79.66 billion from N54.0 billion, with non-interest income increasing by 36%. at 94 naira. 4 billion from 69.3 billion naira, and total operating income jumped 41% to 174.1 billion naira from 123.3 billion naira.

In addition, improved financial statement turnover contributed to the growth in net income, with pre-tax profit increasing by 52% to N69.0 billion from N45.3 billion, while profit after tax stretched 38. percent to 55.2 billion naira from 40.0 billion naira.

Additionally, the organization’s total assets increased by 8% to N2.95 trillion from N2.74 trillion in FY 2021, gross loans and advances increased by 23% to reach N1.17 trillion from N946.25 billion in 2021, while customer deposits increased slightly by 1% to N1.14 trillion from N1.13 trillion.

“We continue to see growth in our client franchise and core revenue lines. Group profitability increased 57% quarter-on-quarter, largely driven by impressive growth in net interest and interest income. other sources of income.

“This was supported by lower credit impairment charges and operating expenses compared to the second quarter. The increase in net interest income resulted from higher volume and yield of risk assets as we are maintaining the performance of our loan growth,” said Stanbic IBTC Managing Director, Mr. Demola Sogunle.

Speaking further, he said, “Trading revenue increased 47% QoQ following increased trading activity during the third quarter. The continued focus on cost optimization resulted in an 8% quarter-on-quarter decrease in our operating expenses. Thus, our cost/revenue ratio improved to 56.1%, compared to 59.9% in the first half of the year and 64.3% the previous year.

“We kicked off the third quarter with the implementation of initiatives to provide best-in-class services to our customers by leveraging digital technology. We have entered into a partnership to enhance the Stanbic IBTC SME Banking platform by providing seamless payroll and salary management services to SME Banking customers.

“The solution’s digital module is now integrated with Stanbic IBTC’s SME online platform and offers value-added services such as free HR services to SME customers for the first three months, salary payment for remote employees while respecting local laws, providing financial data with detailed analyses, among others.

“We have also seen an increase in the use of our customer loyalty program, PlusRewards, which offers exclusive discount offers to Stanbic IBTC cardholders at select merchant stores.

“Our business customers can also enroll in the program as merchants and enjoy benefits such as free Stanbic IBTC point-of-sale (POS) devices, free marketing opportunities as well as access to Stanbic’s customer base. IBTC. Being a customer-centric organization, this will allow us to strengthen the relationship with our customers,” he added.

Mr. Sogunle noted that “as an organization focused on environment, society and governance (ESG), we do not give up on achieving our sustainability goals. Thirty-seven of our offices are currently running on solar power solutions, and we have recycled 6.6 tonnes of waste paper in exchange for tissue paper since the start of the year, as we continue to support global reduction carbon emissions.

“During the quarter, we disbursed credit facilities of over N504 million to support education service providers in Nigeria and disbursed approximately N4.73 billion of credit facilities to 861 SME clients. We have also modified three additional office locations and 10 off-site ATM locations for accessibility for people with reduced mobility. As a result, 134 office locations and 97 offsite ATM locations have been changed so far.

“We remain committed to developing our key metrics over the remainder of the year and achieving our fiscal 2022 targets.”

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