The Stanbic IBTC Group and Unity Bank on Monday sustained the high-profit curve by Nigerian banks in recent times as both financial institutions recorded massive profits in the nine-month financial statements filed with the Nigerian Stock Exchange.
Profit and Loss statements, as well as other comprehensive incomes published on Monday, showed Stanbic IBTC profit grew from N6.27 billion to N30.4 billion as at September 30, 2019.
Unity Bank’s Profit after tax rose by 147 per cent, from about N600.9 million to N1.48 billion. Earnings per share (Basic) annualized at about N18.38 Kobo against about N8.43 Kobo paid for the corresponding period last year.
For Stanbic IBTC Holdings Limited, unaudited interim consolidated financial statement of profit and loss for the nine months period ended September 30, 2019, showed profit for the period rose by about 385 per cent, from N6.27 billion to N30.4 billion. Earnings per share rose from N60 to N290.
However, the earnings for the Stanbic IBTC Group grew from about N55.6 billion for the nine months period, from about N19.3 billion, with earnings per share rising from N179 to N513 for the period.
During the period, the report showed total approved credit exposures related to the various directors and staff of the bank of over N93 billion, out of which about N47.4 billion is still outstanding.
Outstanding off-balance sheet credit exposures related to the various directors and staff of the bank stood at about N15.5 billion.
Support PREMIUM TIMES' journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
TEXT AD: To advertise here . Call Willie +2347088095401...