Stanbic IBTC Holdings has reported 16 per cent decline in profit for the half year (H1) ended June 30, 2019 unaudited results to N36.25billion from N43.08 billion reported in half year ended June 30, 2018.
Similarly, the Holdings reported 12 per cent decline in profit before tax to N44.65 billion in H1 2019 from N50.73 billion reported in H1 2018.
Despite the decline in profit, the management of Stanbic IBTC Holdings recommended the approval of an interim dividend of 100 kobo per share (30 Jun 2018: 100 kobo per share) for the period ended 30 June 2019.
WESTERN POST can report that marginal increase in gross earnings and hike in interest expenses and operating expenses eroded profits in the period under review.
Specifically, the Holdings reported three per cent increase in gross earnings to N117.37 billion in H1 2019 from N114.21 billion reported in H1 2018.
Interest expenses appreciated by nine per cent to N21.47 billion while operating expenses gained three per cent to N50.1 billion in H1 2019 from N48.8 billion reported in H1 2018.
However, the group total assets dropped by three per cent to N1.62 trillion as at June 30, 2019 from N1.66trillion reported in full year ended December 30, 2018.
The decline in total assets can be attributable to decline in customers’ deposit in the period under review to N693.5 billion from N807.69 billion reported in 2018.