Stanbic IBTC Holdings Plc, a member of Standard Bank Group, has recorded a profit after tax of N45.20bn for the half-year ended June 30, 2020.

This represents an increase of 24.72 per cent over its half-year profit after tax of 2019 which was N36.25bn.

Mr Yinka Sanni Chief Executive of Stanbic IBTC

Profit before tax for H1 2020 was N52.41bn, representing a 17.37 per cent increase over 2019 figures which stood at N44.65bn.

The group gross earnings rose to N126.57bn from N117.37bn, accounting for a growth of 7.83 per cent.

The bank’s first quarter ended March 31, 2020 had showed a marginal increase in top-line and profitability.

Gross earnings stood at N61.4bn, showing an increase of 4.6 per cent over the N58.7bn recorded in the corresponding period of 2019.

Net interest income fell 8.3 per cent from N20.2bn to N18.5bn, while credit impairment charges printed at N1.967bn, compared with a write back of N1.391bn in 2019. Operational expenses increased from N23.5bn to N24.8bn, making the bank to end the quarter with a profit before tax of N24.4bn, as against N23.5bn. The PBT in Q1 2020, showed an increase of 3.8 per cent compared to Q1 of 2019.

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