Stanbic IBTC reports 52.85% drop in half-year profit

Stanbic IBTC Holdings Plc has posted a profit before tax of N24.71 billion for the first half of this year, down from N52.41 billion in the same period a year earlier.

The financial service holding company said its profit after tax fell to N22.54 billion in H1 2021 from N45.20 billion in the same period of 2020.

Its financial statements showed that its net interest income dropped to N32.88 billion from N37.55 billion while its net fee and commission revenue rose to N41.34 billion from N35.05 billion.

Customer deposits increased to N958.37 billion as of June 30, 2021 from N819.94 billion at the end of last year, while loans and advances to customers grew to N759.59 billion from N625.14 billion.