Whilst many companies have been counting their losses due to the naira redesign policy of the Central Bank of Nigeria (CBN), others have taken the front stage to sing of their blessings.
Among those counting their blessings and naming them one by one, is Stanbic IBTC which recorded a staggering 85% increase in profit after tax and 66.8% growth in electronic transactions in the first quarter of 2023.
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On Thursday, Stanbic IBTC revealed in its Q1 consolidated interim financial statements that it posted ₦36.26 billion net profit for the period.
Stanbic IBTC grew its profit after tax by ₦16.66 billion, as the company recorded ₦19.59 billion net profit in Q1 2022.
This followed an 85% growth in profit before tax which was penned at ₦28.86 billion during the review period, compared to the ₦15.06 billion reported in the first quarter last year.
The commercial bank also recorded growth in its Net Interest Income, recording ₦36.38 billion between January to March 2023.
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When compared to the ₦23.43 billion posted by Stanbic IBTC in the corresponding period of 2022, this is a 55.25% year-on-year increase.
Also, Stanbic IBTC closed the quarter in review with ₦958 million turnover in electronic banking services, indicating the creditor recorded ₦384 million more (66.8% growth) within three months of this year’s Q1, considering the firm generated ₦574 million in the same period in 2022.
