TUESDAY, 02 NOVEMBER 2010  BY MOSES EBOSELE

STANBIC IBTC Bank Plc, a member of the Standard Bank Group, yesterday, announced profit after tax of N7.2 billion, an increase of 93 per cent, compared to N3.7 billion recorded in September 2009.

 
According to the unaudited result, turnover for the period stood at N41.11 billion compared with N42.815 billion achieved in 2009.
Stanbic IBTC’s fixed assets for the period also went up from N26.878 billion in 2009, to N29.1 billion in 2010.

Reacting to the result, Chief Executive Officer of Stanbic IBTC Bank, Chris Newson, said the development is indicative of continuing improvements in the group’s operations, characterised by disciplined approach to risk management and continued investment in capacity building. 

He stated: “The group produced good results in the first nine months of 2010 despite the challenging operating environment. We continue to strive to grow our business responsibly and make good progress in growing our loan book supported by our strong risk management framework and an active management of the loan book, while endeavouring to invest our excess funds as efficiently as possible.” 

He noted that the bank’s gross loans and advances grew by 29 per cent to N172 billion in the first nine months of 2010. 
“We remain committed to investing in our footprint, with a cost effective branch roll?out strategy. This has been balanced by a retained focus on maximizing the operational efficiency of the group, while ensuring the group is well positioned for growth.

 

The market environment remains challenging but we remain cautiously optimistic as we enter the final quarter of 2010,” said Newson. 
A press statement explained that gross earnings during the period stood at N41.1 billion, down by four per cent, compared with the previous year’s N42.8 billion. 

“Net interest income grew by seven per cent to N20.4 billion compared to N19 billion in September 2009, while net fee and commission income stood at N12.9 billion, a growth of 38 per cent over the N9.3 billion in 2009. Total operating income increased by eight per cent to N35.2 billion, from N32.6 billion in the same period in 2009.

 

 

Source: Punch