By Agency reporter

Wednesday, 3 Nov 2010

Stanbic IBTC Bank Plc, a member of the Standard Bank Group, has posted a profit before tax of N10.1bn for the nine months ended September 30, 2010, which is a 97 per cent rise over the N5.1bn recorded in the corresponding period of last year.

According to the bank‘s unaudited results for the period, profit after tax stood at N7.2bn, up by 93 per cent against the N3.7bn posted in September 2009.

The performance is indicative of continuing improvements in the group‘s operations characterised by a highly disciplined approach to risk management and continued investment in capacity building, the Chief Executive Officer of the bank, Mr. Chris Newton, said in a statement on Tuesday.

He said, ”The group produced good results in the first nine months of 2010, despite the testing 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 N172bn in the first nine months of 2010.

”We remain committed to investing in our footprint, with a cost effective branch rollout 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,” Newson added.

Gross earnings during the period stood at N41.1bn, down 4 per cent, compared with the prior year‘s N42.8bn.

”Net interest income grew by 7 per cent to N20.4bn compared to N19.0bn in September 2009, while net fee and commission income stood at N12.9bn, a growth of 38 per cent over the N9.3bn in 2009. Total operating income increased by 8 per cent to N35.2bn, from N32.6bn in the same period of 2009,” the bank said.

Also growth was recorded in total asset size as it surged by 16 per cent in the first 9 months of 2010 to N394.4bn.

Source: Punch