Stanbic IBTC Profits up 8.5% in Q3 on Lower Tax Expense

Stanbic IBTC Holdings has released third quarter (Q3) 2020 results showing an 8.5 percent rise in profit after tax to N20.9 billion for the 3 months’ period.

Gross earnings were lower at N56.7 billion, compared to N58.7 billion in Q3 2019, while gross profits were flat at N24.45 billion.

The bottom-line or net income was helped by a lower tax expense of N3.5 billion for the period compared to N5.1 billion in 2019.

Stanbic IBTC stock has risen by 28.64 percent in the past year.