Stanbic IBTC holdings is the best performer on the Nigerian Stock Exchange (NSE) this year.
The stock has rallied a hefty 75 percent year to date (ytd), compared to a -4 percent return for the NSE index.
Stanbic has benefitted from the resolution of the regulatory headwinds on its stocks from the Financial Reporting Council (FRC).
Stanbic reported a 35 percent increase in revenues in Q1, 2017 as Profit after tax earnings spiked by 100.4 percent to N16.1 billion.
Interest income also grew remarkably by 51.8 percent to N26.8 billion on the back of increased yields on interest bearing assets
Fig 1: Stanbic 6 months chart
Source: FT Markets Data
Non-interest revenue grew by 18.7 percent to N20.1 billion, driven by growth in trading revenue, as FX liquidity increased substantially in Q1’17.
Total asset and net assets grew by 10.6 percent and 10.8 percent to N1.17 trillion and N156.0 billion respectively.
Stanbic is now the 3rd largest bank by market cap in Nigeria after GTB and Zenith, a remarkable feat indeed for a mid-tier lender.
Stanbic IBTC Bank PLC provides banking and related financial services.
The Bank offers a range of corporate and investment banking services to its customers.