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Stanbic IBTC Holdings (Stanbic IBTC), a Lagos-based financial services holding company linked to Nigerian businessman and renowned investment banker Atedo Peterside, delivered strong financial results at the end of the first quarter of its fiscal year 2023, with profits exceeding $60 million.
According to figures contained in its recently published financial results, the group’s profit surged by 91.5 percent from N15.07 billion ($32.72 million) in the first quarter of 2022 to N28.86 billion ($62.6 million) at the end of the first quarter of 2023.
The double-digit surge in the group’s earnings in the first three months of 2023 can be linked to a significant increase in its interest income, which rose from N32.99 billion ($71.6 million) to N50.42 billion ($109.5 million).
This was further bolstered by an upswing in non-interest revenue, along with a trading revenue of N19.89 billion ($43.2 million), contributing to the group’s overall financial success.
Stanbic IBTC is one of Nigeria’s leading financial services groups, with a total asset value of N3.029 trillion ($6.58 billion) and a market capitalization of N461 billion ($1 billion) — making it one of the top fifteen most capitalized companies in the Nigerian Exchange.
Peterside, the founder of Anap Business Jets Limited and the Atedo N. A. Peterside Foundation and a key figure in the Nigerian banking industry, owns a significant 1.14-percent stake in Stanbic IBTC, equating to 133,611,115 ordinary shares in the group.
The group’s financial fortitude remains unwavering, as evidenced by its impressive Q1 2023 earnings surge, which propelled total assets to N3.029 trillion ($6.58 billion) from N2.74 trillion ($5.95 billion) and retained earnings to N258.76 billion.
This commendable performance follows its solid performance in 2022 when its profits leaped by 41.9 percent to N80.81 billion ($175.5 million) from N56.97 billion ($123.7 million).
