About two years after its lengthy legal tussle with the Financial Reporting Council of Nigeria, FRCN, Stanbic IBTC has finally released its Q3 result for the year 2016 showing the bank had an impressive year.
The group reported that its third quarter net profit jumped by 61% year on year.
In 2015 within the same quarter, Stanbic IBTC recorded a net profit of NGN3,8 billion. This year, the bank is reporting NGN9,8 billion within the same quarter.
Stanbic IBTC said its gross earnings (gross interest revenue) rose to NGN45,5 billion compared to NGN36,1 billion recorded within the same quarter last year.
The group said its securities trading business saw rise of revenue to NGN7,9 billion compared to NGN4,0 billion.
As a sign of the times, Stanbic IBTC disclosed that its suffered a 32.7% rise in impairment charges (bad loans not yet recovered). This rose to NGN6,8 billion compared to NGN4,5 billion impairment charge last year.
The bank said its total asset rose to NGN1,1 trillion at the end of the third quarter compared to NGN937 billion posted as at December 2015. However, total liabilities have also risen to NGN1 trillion, a very close mark to its total assets.
The release of the result would surely be a relief to many of its investors and shareholders who have been kept in the dark about the health and buoyancy of the company.