Stanbic IBTC Holdings Plc has announced 50.1 per cent drop in profit for half year ended June 30, 2021 amid weak gross earnings and hike in total operating expenses. The Group profit for H1 2021 dropped to N22.54billion as against N45.2billion reported in H1 2020.
Stanbic IBTC Holdings in its audited result and accounts released to the Nigerian Exchange Limited (NGX) yesterday also reported 52.,9 per cent drop in profit before tax to N24.71billion in H1 2021 from N52.41billion reported in H1 2020.
Despite reporting drop in profits, the management proposed interim dividend of N1.00per ordinary share of 50 kobo each, that is, N12.96 billion. From the profit & loss figures, the group gross earnings dropped by 26 per cent to N93.59billion in H1 2021 from N126.57billion in H1 2020.
From the balance sheet position, the group total assets decreased by two per cent to N2.43 trillion as at June 30, 2021 from N2.49 trillion reported in full year ended December 31, 2020. As Gross loans & advances up 21 per cent to N790.6 billion as at June 30, 2021 from N655.3 billion in 2020 FY, Customer deposits increased by 17 per cent to N958.4 billion from N819.9 billion in 2020 FY.