Prime Business AfricaStanbic IBTC Holdings saw a significant increase in its topline and bottom line for the first quarter (Q1) of 2025, while its customer deposits increased marginally.
According to the company’s condensed consolidated interim financial statements for the period ended March 31, 2025, Stanbic IBTC grew its net interest income by 94.91 percent year-on-year.
Join our WhatsApp ChannelThe net interest income increased from N76.9 billion reported in Q1 2024 to N149.89 billion in Q1 2025, after reducing interest expense by 21.39 percent and raising interest income by 55.84 percent in the same period.
Stanbic IBTC reported that interest income of N180.47 billion was recorded in Q1 2025, compared to the N115.80 billion posted in Q1 of the previous year, while interest expense declined to N30.58 billion from N38.90 billion within the same period.
The decrease in interest expense was driven by the decline in interest paid on interbank deposits and borrowed funds, with savings and current accounts gulping more interest as deposits from customers grew from N3 trillion on December 31, 2024, to N3.04 trillion as of March 31, 2024.
At the end of the quarter under review, Stanbic IBTC recorded N116.41 billion Profit before tax (PBT), which is 85.63 per cent higher than the N62.71 billion generated in the first quarter of last year.
However, the company suffered a significant tax burden as it recorded a triple-digit growth of 101.2 per cent increase in its income tax, after paying N34.35 billion in Q1 2025, compared to the N17.07 billion paid in the corresponding period in 2024.
This led to Stanbic IBTC recording N82.06 billion as profit after tax (PAT) between January and March this year, increasing by 79.80 per cent from N45.63 billion reported in Q1 last year.
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