BY MICHAEL EBOH

Stanbic IBTC Bank Plc has recorded a 13 growth in gross earnings, for its half year 2011 financial performance.

According to its unaudited results for the half year ended, June 30, 2011, presented to the investing community, its gross earnings rose to N32.2 billion compared to N28.4 billion recorded in the corresponding period of 2010.

Its operating income appreciated by 14 per cent to N27.6 billion, as against N24.1 billion in June 2010, profit before tax stood at N6.6 billion while its profit after tax stood at N4.7 billion.

Commenting on the result, Sola David-Borha, Chief Executive Officer, Stanbic IBTC Bank, said the bank posted a very respectable performance during the period under review.

She said, “We are pleased to announce that Stanbic IBTC has continued to be profitable in the first half of the year 2011, with our financial results showing considerable growth.

Our gross earnings were up 13 per cent on last year’s figures and both net interest income and non-interest revenue grew by seven per cent and 25 per cent respectively.”

David-Borha said the bank, buoyed by its growing footprint across Nigeria, deployment of cutting edge technology, excellent service delivery and talented people, is in good stead to deliver even higher performance.

“We continued to maintain our traditional capital strength and healthy liquidity position throughout the period, and we are in a good stead to capture further market share on the back of our growing footprint, excellent service leveraging technology and our skilled and talented workforce.

While 2011 is likely to remain a challenging one for the banking sector in Nigeria, we remain confident that our strategy will continue to deliver long term value to our shareholders,” she said.