17:50:56pm GMT
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WorldStage
Newsonline-- The Nigerian Stock Exchange (NSE) on Friday released the
fourth quarter (Q4) 2012 and first quarter (Q1) 2013 results of Stanbic
IBTC Holdings simultaneously with profit after tax (PAT) after minority
interest in Q4 put at N3.423 billion and N12.816 billion in full year at
642.1 per cent growth, while Q1 2013 PAT was N3.8 billion at 20 per
cent y/y growth.
Interest
income rose 69.6 per cent in Q4 to N15.283 per cent against the same
quarter in 2011 which translated to N57.818 billion in full year 2012 at
63.2 per cent growth; interest expense stood at N8.330 billion in Q4,
an improvement of 167.2 per cent while full year stood at N24.264
billion, a 211.6 per cent improvement.
The
bank recorded non- interest income of N12.538 billion, a growth of 83.1
per cent in Q4 out of N33.856 billion in full year at 22.6 per cent
growth; loan provisions of N3.820 billion in Q4 was 42344.4 per cent
increase y/y out of a total of N6.895 billion at 105.9 per cent growth
in full year.
For
Q1 2013 the profit before provisions of N20.1 billion advanced 37 per
cent y/y and more than offset marked increases in loan loss provisions
and a 23 per cent rise in opex to boost PBT by 38 per cent y/y.
According
to analysts at FBN Capital, the main driver behind Stanbic’s
better-than-expected results was the non-interest income line which grew
by 85 per cent y/y.
Stanbic’s
financials show that trading revenue within the non-interest income
line grew by 268 per cent y/y to N4.9 billion, equivalent to 59 per cent
of net interest income.
The
analysts noted that the notable movements on the balance sheet are a
continued aggressive growth in deposits ( 19 per cent q/q) relative to
net loans ( 1.1 per cent q/q).
For
the full year 2012, Stanbic grew its net loans by 3.7 per cent y/y, but
deposits by 24 per cent y/y. Consequently, the bank’s loans-to-deposit
ratio has fallen from over the 80-100% range during 2012 to 64%,
boosting its liquidity position in the process.
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