Stanbic IBTC Holdings Plc has reported a profit after tax of N202.1bn for the financial year ended December 31, 2024, representing a 44 per cent increase from the N140.6bn recorded in 2023.

According to its audited financial statements filed on the Nigeria Exchange, the group’s net interest income surged by 134 per cent to N410.5bn from N175.2bn in the previous year. This was fuelled by an increase in interest income, which rose by 109 per cent to N566.5bn from N270.6bn, driven by higher interest rates and loan portfolio expansion. Interest expense, however, increased to N156bn from N95.4bn.

In the period under review, the bank’s non-interest revenue also recorded a 31 per cent growth, rising to N236.4bn from N180bn in 2023, bolstered by an increase in net fee and commission income, as well as trading revenue.

However, operating expenses rose sharply by 46 per cent to N243.7bn from N166.8bn, reflecting higher staff costs, inflationary pressures, and increased regulatory expenses.

https://punchng.com/stanbic-ibtc-announces-n202-1bn-gain/