May 4 (Lagos) - Stanbic IBTC reported results for the first 3 months of 2012. The results are very impressive when compared to 2011. Top line revenue increased to N 14.69 billion in first quarter of 2012 from N 12.38 billion during the same period of 2011.
Net interest income grew by 25% to N 8.3 billion during the first quarter. Profit after tax increased by 136% to N 2.5 billion during the first three months of this year from N 1.06 reporded in the same period of last year.
In March, Stanbic IBTC declared a dividend of 10 kobo per share to its shareholders on PAT of N 7.44 billion for full year 2011. That was not received well by the investors and analysts. But the first quarter results will lead to a rise in expectations as if the current growth level sustains itself for the rest of the year, the bank could increase its yearly PAT by more than 30%.
Shares of Stanbic IBTC currently trade at N 6.91 at the Nigerian Stock Exchange in Lagos.
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