New Telegraph

Stanbic IBTC Holdings reports 61.8% pre-tax profit growth

Stanbic IBTC Holdings (STANBIC) has reported a pre-tax profits growth of 61.8 per cent year-on-year (y/y) and net profits growth of 37.8 per cent y/y. This was disclosed in its first half of 2022 (H1’22) audited results. For the second quarter of 2022 (Q2’22) standalone, pre-tax profits rose by 60.0 per cent y/y, and net profits were up 37.8 per cent y/y. On the H1’22 Earnings per Share (EPS) of N2.26, the board has proposed a record-high interim dividend of N1.50/s (+50.0 per cent y/y). This implies an interim dividend yield of 4.9 per cent on Wednesday’s closing price. On balance, earnings were buoyed by the rise in both Net interest income and Non-interest revenues. However, when annualised, Net profits were behind our and consensus forecasts for FY’22 by 14.1 per cent and 15.5 per cent, respectively, owing to a negative surprise on the tax expense line. The market’s reaction to the results was positive, as stock rose 8.9 per cent Wednesday, buoyed by the increased dividend and the doubledigit earnings growth.

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