Stanbic IBTC Holdings Plc reported a remarkable 71 percent increase in profit after tax, reaching N116.36 billion in the first half of the year, up from N67.92 billion in the same period last year.

This information was disclosed in the bank's consolidated and separate profit or loss statements for the six months ending June 30, 2024, recently submitted to the Nigerian Exchange Limited.

The bank's net interest income rose by 54 percent to N174.30 billion, compared to N72.68 billion in H1 2023, primarily driven by a significant increase in interest income, which surged by 123 percent to N246.13 billion from N110.26 billion.

During this review period, Stanbic IBTC also faced a 91 percent rise in interest expenses, which increased to N71.83 billion from N37.58 billion, attributed to elevated interest rates and greater borrowings.

Non-interest revenue saw a 31 percent growth, reaching N129.15 billion, up from N98.62 billion the previous year, bolstered by higher fee and commission income along with other revenue streams, contributing to the overall revenue growth.

However, the bank's net impairment losses on financial assets escalated by 344 percent to N26.55 billion from N5.98 billion.

Furthermore, operating expenses rose by 58 percent to N129.89 billion from N82.34 billion, driven by increased staff costs and other operational expenditures.

Stanbic IBTC also reported that N563 billion had been recognized as off-balance sheet pledged assets, accounting for 30 percent of the original transaction amount.

This transaction is part of a cross-currency interest rate swap agreement between Stanbic IBTC and Standard Bank of South Africa Limited, involving an exchange of $1 billion for N1.482 billion with the Central Bank of Nigeria (CBN).

As of June 30, the loan commitments of Stanbic IBTC Group stood at N123.99 billion, compared to N97.71 billion at the end of December of the previous year.

As of June 30, 2024, the group reported loan commitments totaling N123.99 billion, an increase from N97.71 billion in December 2023, related to several loan agreements. The anticipated credit loss associated with off-balance sheet exposures is estimated at N663 million, compared to N619 million in December 2023, as stated.

Stanbic IBTC Holdings Plc has announced its intention to generate approximately N550 billion through a combination of a debt issuance program and a rights issue.