Stanbic IBTC Holdings has just released Half Year (H1) 2020 results showing Net Income rose by 25 percent to N45.2 billion on cost cuts amid a surge in loan impairment charges.
Gross earnings for the first six months of the year came in at N126.5 billion up from N117.37 billion in the earlier period.
Net interest income for the period was down slightly to N37.59 billion, while non-interest revenues rose sharply by 27 percent to N69.7 billion.
Net impairment charges/reversal on financial assets however surged to N6.4 billion in 2020 period from a credit position of N557 million in 2019, bringing income after credit impairment charges to N100.9 billion, up 7.2 percent from 2019 levels.
Stanbic IBTC was however able to hold costs down which helped to boost the bottom line.
Operating expenses fell to N48.5 billion from N50 billion in half year 2019, while other operating expenses also fell marginally to N28.6 billion in H1 2020 from N30.1 billion in the earlier period.
Stanbic declared an interim dividend of N0.40 per ordinary share, equivalent to N4.2 billion which will be paid to shareholders whose names appear in the Register of Members as at the close of business on Tuesday 15 September 2020.
Stanbic shares closed trading at N37.50, and are up 8.5 percent in the past year. The firm joins a list of lenders releasing delayed results this week.