Stanbic IBTC reports 45.34% drop in quarterly profit

Stanbic IBTC Holdings Plc has posted a profit after tax of N11.26 billion for the first quarter of this year, down from N20.60 billion in the same period of 2020.

The bank’s profit before tax dropped to N12.14 billion in Q1 2021 from N24.41 billion in the same period a year earlier, according to its unaudited financial statements released on Friday.

Deposits from customers rose to N866.97 billion as of Mar. 31, 2021 from N819.94 billion on Dec. 31, 2020, while loans and advances from customers increased to N730.14 billion from N625.14 billion.