Elegbede Abiodun
Stanbic IBTC Holdings Plc reported a profit after tax of N114.9 billion for the first quarter ended March 31, 2026, representing a 40.01 percent increase from N82.06 billion recorded in the corresponding period of 2025, supported by growth in interest and non-interest income.
According to the audited result for the period ended March 31, 2026, the group’s profit before tax rose by 42.04 percent year-on-year to N165.3 billion from N116.4 billion, reflecting stronger revenue generation across core business lines despite pressure from rising funding costs.
Interest income rose to N186.3 billion from N180.4 billion, driven primarily by loans and advances to customers, which accounted for N107.6 billion or 57.8 percent, of total interest income. Investment securities contributed N74.5 billion, while placements with banks added N4.1 billion, underscoring the bank’s diversified interest-earning asset base.
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However, the benefit of higher asset yields was partly offset by a sharp increase in interest expenses, which rose to N50.4 billion from N30.5 billion. This compressed net interest income to N135.8 billion, down from N149.8 billion in the prior period, indicating elevated funding costs within the operating environment.
Non-interest income provided the main earnings support, with fees and commission income rising to N83.1 billion from N63.7 billion. Trading revenue of N55.1 billion further lifted total non-interest income to N130.3 billion, reinforcing the group’s reliance on diversified income streams beyond traditional lending.
Combined, net interest income and non-interest income drove total income to N266.1 billion from N203.01 billion. After accounting for net impairment charges of N2.8 billion, operating income settled at N263.2 billion.
Operating expenses increased to N97.9 billion from N90.04 billion, reflecting higher cost pressures. Nonetheless, the growth in income outpaced expenses, resulting in the strong expansion in pre-tax earnings.
Following an income tax expense of N50.4 billion, profit after tax rose to N114.9 billion, while earnings per share improved to N7.15 from N5.10, indicating enhanced returns to shareholders.
On the balance sheet, total assets expanded to N9.7 trillion from N8.6 trillion, driven by growth in key asset classes. Loans and advances to customers stood at N2.8 trillion, maintaining their position as the largest asset category. Trading assets followed at N2.3 trillion, while cash and cash equivalents amounted to N2.2 trillion, reflecting liquidity buffers and market activity.
Customer deposits declined to N4.08 trillion from N4.3 trillion, although deposits and current accounts still accounted for N4.6 trillion within total obligations. Trading liabilities stood at N2.02 trillion, contributing to total liabilities of N8.4 trillion, up 12.64 percent year-on-year.
On the equity side, reserves rose by 15.68 percent to N993.09 billion, supporting total equity growth to N1.2 trillion from N1.1 trillion.
On the Nigerian Exchange, the company’s share price has appreciated by 63 percent year-to-date from an opening value of N100.00, placing it 39th in terms of performance. The stock also gained 6.89 percent over the past week, with more than 95.6 million shares traded, as investors responded to the earnings release.
