Stanbic IBTC Holdings Plc, a member of the Standard Bank Group, has reported an impressive profit after tax (PAT) of ₦82 billion for the financial year ended December 31, 2024, marking a significant leap in its earnings and reflecting robust growth across its core banking and financial services operations. This performance represents one of the bank’s strongest financial years in recent times, reinforcing its position as a major player in Nigeria’s banking and investment landscape.
The financial statement, released to shareholders and regulatory authorities, shows a sharp rise from the ₦80.8 billion reported in the corresponding period of 2023. Despite macroeconomic headwinds, including inflationary pressures, fluctuating exchange rates, and tighter monetary policies, Stanbic IBTC demonstrated resilience and adaptability in its strategy and operations.
According to the results, the group’s gross earnings rose significantly to ₦337.5 billion, compared to ₦271.6 billion in the previous year. The increase was driven by higher interest income from loans and advances, as well as improved performance in its trading and investment segments. Interest income alone accounted for a large portion of the growth, buoyed by rising interest rates and effective loan portfolio management.
The bank’s non-interest revenue also showed remarkable improvement, rising by over 30%, mainly from trading income, asset management fees, and growth in digital banking transactions. Stanbic IBTC’s diversified business model—spanning commercial banking, asset management, pension fund administration, and investment banking—allowed it to weather economic volatility and leverage opportunities across multiple financial services sectors.
Chief Executive of Stanbic IBTC Holdings, Dr. Demola Sogunle, attributed the impressive performance to disciplined execution, prudent risk management, and a relentless focus on delivering value to customers and shareholders. He noted that the group’s strategy of investing in technology, innovation, and human capital continued to yield positive results.
“We are pleased with our 2024 full-year results, which reflect the strength of our diversified business and our commitment to sustainable growth. In a challenging operating environment, we remained focused on supporting our clients and communities while delivering strong returns to our investors,” Sogunle said in a statement.
The bank’s total assets increased by 28% to ₦3.1 trillion, reflecting growth in customer deposits and expansion in its investment securities portfolio. Deposits from customers rose to ₦1.8 trillion, up from ₦1.5 trillion in 2023, indicating continued confidence in the bank by both retail and institutional clients.
In line with its profitability, Stanbic IBTC declared a final dividend of ₦2.20 per share, bringing the total dividend for the year to ₦3.60 per share. This represents a substantial reward to shareholders and underscores the bank’s consistent dividend policy. The dividend payout is seen as a testament to the bank’s strong capital base, liquidity, and earnings quality.
Analysts have commended the bank’s performance, highlighting its cost-efficiency, improved digital offerings, and effective deployment of capital as key drivers of growth. The cost-to-income ratio improved slightly to 47.8%, down from 49.2% in 2023, signifying better cost management amid expanding operations.
Stanbic IBTC’s asset management and pension businesses continued to perform well, with Assets Under Management (AUM) crossing the ₦6 trillion mark. The pension arm, Stanbic IBTC Pension Managers, remains the largest pension fund administrator in Nigeria by assets and client base. Its continued leadership in this space reflects the group’s dominance and brand strength in long-term financial planning.
The group’s credit quality remained stable, with the non-performing loan (NPL) ratio maintained at a low 2.1%, well below the industry average. This is attributed to its conservative credit risk management approach and strong underwriting standards.
Looking ahead, the bank expressed optimism about future growth, although it remains cautious of potential macroeconomic risks, including inflationary trends, foreign exchange volatility, and global financial headwinds. Management stated that the group would continue to invest in digital transformation, customer experience, and sustainable banking practices to drive long-term value creation.
Stanbic IBTC also reiterated its commitment to supporting Nigeria’s economic development through strategic financing of key sectors such as agriculture, infrastructure, technology, and SMEs. The bank emphasized its role as a catalyst for inclusive growth and financial empowerment in Nigeria.
With this performance, Stanbic IBTC joins the ranks of top-tier Nigerian banks posting strong earnings despite a complex operating environment. Its financial strength, diversified income streams, and prudent governance are seen as key pillars that will continue to support its growth trajectory in the years ahead.
The bank’s 2024 performance not only boosts investor confidence but also reinforces the resilience and potential of Nigeria’s financial services sector, even in the face of economic uncertainty
