Stanbic IBTC Drops 45.36% Profit In Q1 2021
Stanbic IBTC Holdings’ profit for the First Quarter of 2021 plunged by 45.36 percent to stand at N11.256 billion from the N20.601 billion it reported in March 2020.
Figures from its Unaudited Consolidated Interim Financial statements for March 2021 released on Friday shows that the Holdings Profit Before Tax (PBT) fell by 50.26 percent, dropping from N24.413 billion in March 2020 to N12.142 billion under the current quarter.
The huge percentage decline in profit was impacted by the lenders’ Operating expense which rose by 8.79 percent in Q1 2021 to N26.956 billion from N24.776 billion year on year. Also, its income tax dipped to N886 million from N3. 812 billion year on year, representing a massive 76.75 percent depreciation in tax expenses.
According to the Q1 2021 report, the bank’s Asset jumped to N2.569 trillion in March 2021, compared to N2.486 trillion it posted year ended 31st December 2020., indicating a significant rise of 3.33 percent.
Stanbic IBTC Holdings’ profit for the First Quarter of 2021 plunged by 45.36 percent to stand at N11.256 billion from the N20.601 billion it reported in March 2020.
Figures from its Unaudited Consolidated Interim Financial statements for March 2021 released on Friday shows that the Holdings Profit Before Tax (PBT) fell by 50.26 percent, dropping from N24.413 billion in March 2020 to N12.142 billion under the current quarter.
The huge percentage decline in profit was impacted by the lenders’ Operating expense which rose by 8.79 percent in Q1 2021 to N26.956 billion from N24.776 billion year on year. Also, its income tax dipped to N886 million from N3. 812 billion year on year, representing a massive 76.75 percent depreciation in tax expenses.
According to the Q1 2021 report, the bank’s Asset jumped to N2.569 trillion in March 2021, compared to N2.486 trillion it posted year ended 31st December 2020., indicating a significant rise of 3.33 percent.
The Tier- 2 financial institution also shed 25.54 percent from its gross earnings to N45.726 billion at the end of March 2021 from N61.418 billion year on year.
Meanwhile, the shares of Stanbic IBTC have surged by 8.70 percent on the Nigerian Stock market in sharp contrast to the huge drop in profit. The shares which opened at N46 per share, gained N4 to close at N50 per share.
Also, the market capitalisation also responded positively to record a N44. 423 billion growth in one trading session, closing at N555. 299 billion from N510. 875 billion it opened transaction.
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