Finance

Stanbic IBTC grows income by 40% – Report

Stanbic IBTC appoints new non-executive director

Stanbic IBTC Holdings Plc said its income grew by 40 per cent in 2022 financial period.

The Chief Executive, Stanbic IBTC, Demola Sogunle, disclosed this while presenting its 2022 financials at its 11th annual general meeting in Lagos.

He said, “The Group’s total income increased by 40 per cent to N240bn in 2022, which resulted in a profit before tax of N100bn, a 52 per cent improvement over 2021. The Group’s customer base grew by 15 per cent during the period.”

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In 2022, the chief executive added that the Group recorded breaking financial performances, setting new high watermarks in key financial indicators.

He said, “Our customer entrenchment programme across the overarching client segment (Corporate and investment banking, business and commercial clients, and consumer and high net-worth clients) played a significant role in this success.

“Some other highlights of the Group’s financial performance included the sustained growth in risk assets, trade lines, assets under management, assets under custody, and gross written premium.”

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During the year, he noted, risk assets grew to N1.2tn, which was a 31 per cent increase over 2021.

The Chairman, Stanbic IBTC Holdings, Basil Omiyi, said in commitment to drive financial inclusion in Nigeria, and to ease business to business and consumer to businesses transactions, it started the process of obtaining approval for the launch of Stanbic IBTC Financial Services Limited.

“We deployed cutting edge technology that would support the Central Bank of Nigeria’s cashless policy drive and provide our clients with state of the art financial solutions,” he said.

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As a concerned and responsible corporate organisation, he said, the Group felt it was necessary to assign more priority to environmental, social governance matters.

He said it took it upon itself to ensure to promote and ensure its success.

Punch

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