Stanbic IBTC Holdings has reported a growth of about N22.08 billion growth in its Profit After Tax (PAT) year-on-year in the third quarter of the current financial year, amongst other positive indices in its financials.

Specifically, the bank in its 2018 third quarter financial report made public on Monday, indicated that its PAT rose to N59.757 billion from the N37.672 billion it recorded in the corresponding period of 2017.

Although its gross earnings grew to N168.801 billion in the first nine months of 2018 compared to the N154.220 billion it recorded in the same period in 2017, the bank was able to defy its largely flat topline, as it put-in so much efforts and strategic business operations in the nine months period to see its bottom line grow.

Its profit before tax (PBT) grew by 54.17 percent to N70.380 billion in the review period, up from N45.650 billion recorded in corresponding period of 2017.

Its interest income for the period in 2018 which came to N87.888 billion was only 2 percent lower than 2017’s 9months figure, N89.684 billion, thereby representing a largely flat performance. As a result, its Net interest income for the first nine months of 2018 came to N 58.443 billion from N62.947 billion recorded in the same period in 2017, creating a 7.16 percent marginal drop.

The group was able to improve on its net fees and the revenue it made from commission by 22.18 percent from N43.309 billion recorded in the first nine months of 2017 to N52.916 billion recorded in the same period in 2018.

In the course of its financial trading in the nine months period, it was able to grow its trading revenue from N20.195 billion recorded in the first nine months of 2017 to N25.720 billion recorded in the first nine months of 2018. Its non-interest revenue grew similarly. Its N64.280 billion, recorded in the first nine month of 2017 grew by 24.42 percent to N79.974 billion recorded in the same period in 2018.

The expenses it expended on its operations grew by 17.85 percent from N61.243 billion recorded in the first nine months of 2017 to N72.173 billion recorded in the same period in 2018. Its other operating expenses grew by 21.52 percent from N33.603 billion recorded in the first nine months of 2017 to N40.836 billion recorded in the first nine months of 2018.

The firm continued to show that it value its teaming personnel both shareholders and staff. This was once again evident in its 13.38 percent growth in its personnel expenses having spent N31.337 billion in the first nine months of 2018 against N27.640 billion it recorded in the same period in 2017.

From other businesses which it went into which are aside its primary lines of businesses, it was able to gather N1.338 billion in the first nine months of 2018, this is a significant 72.42 percent rise from N0.776 billion it recorded in the same period in 2017.

Its total income was largely flat, as it grew by 8.80 percent from N127.227 billion recorded in the nine months period in 2017 to N138.417 billion recorded in the same period in 2018.

The bank’s net loans grew by 14.92 percent from N381.711 billion recorded in the first nine months of 2017 to N438.648 billion recorded in the same period in 2018. Net loans represent aggregate loans that it gave to customers after possible default losses and unearned interest income have all being deducted.

The deposits it got from its customers was flat, as it dropped pretty marginally from N753.642 billion recorded in the period in 2017 to N738.356 billion recorded in the nine months period in 2018, representing a 2.03 percent drop.

Its Earnings per share for the first nine months of 2018 amounted to N5.73 against N3.61 recorded in the same period in 2017. The figure shows a whopping growth of 58.73 percent.

Further analysis showed that the Price Earnings (P.E.) Ratio closed at 8.03 percent while earnings yield stood at 12.46 percent with the stock being priced at N46 on the day that the financial report was made public.