Some banks and financial holding groups in the country have recorded impressive results in their full-year financials recently released by the Nigerian Exchange Group (NGX).

Analysts commended the banks for churning out good full-year results but they said that despite the good results, some of these banks should avoid a potential “banana peel” experience in the future.

One such is Stanbic IBTC, which posted impressive results but stands the risk of experiencing a slide after careful analysis of the results.

The results show that the bank posted a profit after tax of N202.104 billion, reflecting a 43.73 per cent year-on-year (YoY) growth.

This growth was driven by a significant expansion in net interest income (+134.29%) and net fees and commission income (+54.52%), indicating robust revenue generation across interest and non-interest income streams.

The results show that interest income recorded a growth of 109.34 per cent when it posted N566.462 billion, while interest expenses rose by 63.63 per cent at N256.011 billion.

Interest income from loans and advances to customers grew by 71 per cent, but its contribution declined to 69 per cent from 85 per cent in 2023.

https://independent.ng/2024fy-stanbic-ibtc-gliding-towards-banana-peel-experience/