Stanbic IBTC Reports N303.796 Billion Pre-Tax Profit for 2024
March 29, 2025
Lagos, Nigeria – Stanbic IBTC, one of Nigeria’s leading financial institutions, has reported an impressive pre-tax profit of N303.796 billion for the 2024 financial year, marking a significant milestone in the company’s growth and resilience amidst the challenging economic landscape. This figure represents a notable increase compared to the previous year, underlining the company’s strong performance across key financial indicators.
The bank’s 2024 financial results were released in a statement earlier this week, showcasing a robust growth trajectory despite the global and domestic economic pressures that affected several sectors. Stanbic IBTC’s diversified portfolio, strategic investments, and innovative financial solutions were highlighted as key drivers behind this solid performance.
Strong Revenue Growth Across Key Segments
Stanbic IBTC’s revenue for the year also saw an impressive uptick, reflecting strong contributions from its retail banking, wealth management, and investment banking divisions. The bank’s total revenue for 2024 stood at N542.9 billion, an increase of 15% compared to the previous year, largely driven by increased demand for its financial products and services.
Notably, the wealth management division recorded strong inflows, driven by growing investor confidence in Stanbic IBTC’s investment products. The retail banking segment also saw robust performance, especially in digital banking services, which continue to gain traction among Nigeria’s tech-savvy population. Stanbic IBTC’s digital banking platform experienced significant growth, attracting more customers with its seamless, user-friendly interface for both personal and business banking needs.
Stanbic IBTC’s chief executive officer, Dr. Demola Sogunle, expressed confidence in the bank’s future prospects, noting that the company’s adaptability to market changes and commitment to innovation were central to its success.
“We are pleased to report another year of strong financial performance, particularly in light of the macroeconomic challenges. Our ability to maintain profitability is a testament to the hard work and dedication of our team, as well as our commitment to delivering value to our customers,” Sogunle said. “We remain focused on strategic growth areas and continue to invest in cutting-edge technologies that will ensure we meet the evolving needs of our clients.”
Profitability and Cost Efficiency
The bank’s operating expenses were well-controlled during the year, which contributed to the strong pre-tax profit. Despite inflationary pressures and rising costs, Stanbic IBTC implemented effective cost management strategies, which helped mitigate any potential negative impact on profitability.
The pre-tax profit of N303.796 billion represents a 12% increase from the previous year, indicating the bank’s ability to generate sustainable profits while maintaining operational efficiency. This achievement is also a reflection of its strong risk management framework, which enabled the bank to maintain a healthy balance sheet despite the volatility in the financial markets.
Robust Capital and Liquidity Position
Stanbic IBTC continues to maintain a strong capital and liquidity position, which positions the bank well to navigate economic uncertainties. The bank’s capital adequacy ratio remains above the regulatory threshold, ensuring that it is well-capitalized to absorb shocks and continue funding its growth strategies.
The liquidity position also remained robust, supported by the bank’s conservative approach to asset management and prudent lending practices. This has enabled Stanbic IBTC to weather the challenges posed by fluctuating exchange rates, inflation, and political uncertainties that have characterized the Nigerian economic environment.
Commitment to Sustainability and Corporate Social Responsibility
Stanbic IBTC has also reinforced its commitment to sustainability and corporate social responsibility (CSR). The bank has continued to invest in initiatives that support environmental sustainability, education, and entrepreneurship across Nigeria.
In 2024, the bank increased its investments in green projects and financial literacy programs aimed at empowering Nigerians with the knowledge and tools to manage their personal finances effectively. Stanbic IBTC also continued its support for various social enterprises, fostering local entrepreneurship and promoting inclusive growth.
“We understand that our success is intricately linked to the well-being of the communities in which we operate,” Dr. Sogunle added. “Our CSR initiatives are designed to create lasting, positive change in society, and we remain committed to contributing to Nigeria’s long-term growth and development.”
Looking Ahead: Strategic Growth and Innovation
Stanbic IBTC’s outlook for the future remains positive, with the bank set to continue expanding its footprint both in Nigeria and across the African continent. The bank is also focused on furthering its digital transformation, with plans to enhance its technological capabilities to meet the growing demand for digital financial services.
“We will continue to focus on driving innovation in the banking sector, enhancing our customer experience through digital platforms, and expanding our product offerings to ensure we remain the bank of choice for our customers,” said Sogunle.
With a strong balance sheet, improved profitability, and a commitment to innovation, Stanbic IBTC is poised to maintain its leadership position in Nigeria’s competitive banking sector in the years ahead.
Conclusion: A Strong Performance in Challenging Times
In conclusion, Stanbic IBTC’s N303.796 billion pre-tax profit in 2024 underscores the resilience and strength of the institution, despite the challenges posed by both local and global economic conditions. The bank’s continued focus on diversification, customer-centricity, cost control, and sustainability has ensured its success, and it remains well-positioned to continue driving growth and profitability in the coming years.
As the Nigerian economy navigates its way through volatility, Stanbic IBTC’s strong financial performance signals optimism and confidence in the banking sector, demonstrating that with strategic foresight and innovation, growth is possible even in uncertain times.
