Stanbic IBTC Bank, a member of Standard Bank Group, has reported gross earnings of N64.0 billion for the nine-month period, which  ended on September 30, 2012, representing some 35 per cent increase over the N47.4 billion recorded in the comparable period of 2011.

According to the bank’s unaudited results released by the Nigerian Stock Exchange (NSE), profit before tax stood at N9.0 billion, translating to an increase of 11 per cent over the N8.0 billion posted in September 2011. Profit after tax increased 23 per cent to N7.0 billion, compared to N5.7 billion September 2011.

Reacting to the results,  Chief Executive Officer of Stanbic IBTC Bank, Mrs. Sola David-Borha, said the performance was indicative of continuing improvement in the group’s operations driven by the aggressive branch expansion programme, which has continued to propel growth in transactional volumes and activities.

She stated: “We continued to grow our revenues and business operations responsibly as evidenced by a 35 per cent and 23 per cent growth in gross revenue and profitability respectively. Our expanded network ensured the continued growth in transactional volumes and activities and a steady growth in our deposit book. As we continue to leverage on our growing points of representation and pursue our diversified business models, our revenues should continue to witness positive growth. We maintained our traditionally strong capital and liquidity positions throughout the period, and we are focused on maximising the operational efficiency of the group.”

David-Borha noted that the bank’s gross loans and advances grew by 12 per cent year-on-year and three per cent year-to-date to N273.9 billion as against N247.2 billion in September 2011 and N266.1 billion in December 2011.

Steady growth was recorded in total asset size, which increased by 14 per cent to N634.2 billion this year as against the N554.5 billion posted in the first nine months of 2011.

Also providing an update on the decision to adopt a holding company structure earlier this year, David-Borha confirmed that the process was very close to completion, awaiting final regulatory approval.

Stanbic IBTC Bank is a full-service bank with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management.

Stanbic IBTC Bank is a member of Standard Bank Group, a leading African banking group focused on building first-class on-the-ground banks in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other. It has a footprint, which now spans 18 countries across the African continent, including South Africa, and 13 countries outside Africa, including China and Brazil, which are key to its cross-border strategy and success.

Source: Thisday