Profit After Tax increased by 10.9 percent to N83.21 billion
Stanbic IBTC recorded a slight increase of 0.27 percent in gross earnings for the year ended 31 December 2020 to N234.44 billion from N233.80 billion recorded in the same period in 2019.
This was disclosed in the audited report of the bank released on the Nigerian Stock Exchange (NSE) website.
According to the bank, “Like most Financial Institutions, Stanbic IBTC’s operations and performance were fairly hit by the COVID-19 pandemic, though the twin effect of a well-positioned balance sheet and diversified business lines cushioned the impact.
“Apart from cost savings on some expense lines such as training, marketing, and advertising expenses, the Group had some incremental expenses on donations as disclosed in the directors’ reports and some operational costs incurred in order to provide essential services during the lockdown period.
“However, increased allowance for expected credit loss is the major incremental non-arbitrary impact of COVID-19 on the financial performance of the group.” the company stated.
The Profit Before tax of the bank increased by 4.17 percent from N90.92 billion to N94.71 billion while
The Profit After Tax rose by 10.90 percent to N83.21 from N75.03
The interest income decreased to N105.77 billion from N120.41 billion