[RESULTS] Stanbic IBTC post 53% drop in Pre-Tax Profits, Books N7.89b Impairment Charge

Stanbic IBTC released its 2015 H1 results showing pretax profit dropped 53 percent to N9.53 billion compared to a year ago. Gross earnings fell 16 percent to 68.29 billion naira during the six-month period to June 30 Profit after Tax also dropped 40% to N9.6b as operating expenses increased by 6.65% Stanbic also posted a […]

Stanbic IBTC released its 2015 H1 results showing pretax profit dropped 53 percent to N9.53 billion compared to a year ago.
Gross earnings fell 16 percent to 68.29 billion naira during the six-month period to June 30
Profit after Tax also dropped 40% to N9.6b as operating expenses increased by 6.65%
Stanbic also posted a 46% drop in EPS to 80kobo per share.
Stanbic also continued to increase its impairment charge is it took another N4b charge to take its loan losses to N7.89 billion for the first half of the year alone.
Impairment has now more than doubled the N3.1billion it took in the whole of 2014.
Stanbic IBTC also cut its interim dividend to 0.90 naira per share, from 1.10 naira last year.