Nigeria’s Stanbic IBTC said on Thursday first-half pretax profit fell to 9.53 billion naira ($47.90 million), down 52 percent from a year ago.
Gross earnings fell 16 percent to 68.29 billion naira during the six-month period to June 30, the unit of South Africa’s Standard Bank said in a filing with the Nigerian Stock Exchange.
Stanbic IBTC cut its interim dividend to 0.90 naira per share, from 1.10 naira last year.
STANBIC IBTC HOLDINGS PLC Q2:2015 Result – Financial Highlights (N’Mn)
Headlines Q2 2015 Q2 2014 Change
Gross Earnings 68,295 61,715 10.7%
Int Income 41,718 33,997 22.7%
Int Expense 19,583 11,020 77.7%
Net Int Income 22,135 22,977 -3.7%
Investment and
Other Operating
Income 26,346 27,517 -4.3%
Operating Expen 31,045 29,110 6.6%
LoanLoss Expens 7,899 1,438 449.3%
PBT 9,537 19,946 -52.2%
Taxation 158 3,762 -95.8%
PAT 9,695 16,184 -40.1%
Q1 2015 FY 2014
Cash and cash
equivalents 296,042 143,171 106.8%
Loans & Advances 432,611 407,418 6.2%
Deposits 633,922 554,056 14.4%
Net Assets 122,256 114,275 7.0%
Cost to Income Ratio 64.0% 57.7% 6.4%
Loan to Deposits 68.2% 73.5% -5.3%
Net Margin 14.2% 26.2%
ROAE 16.4%
Proposed Dividend (Interim) 0.90
Dividend Yield (Interim) 3.6%
Price 24.75
EPS 2.56
BVPS 12.23
P/E 9.68
P/BV 1.80