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With pre-tax profit at N13.5 billion in the financial year ended December 2010, Stanbic IBTC Bank, a member of the Standard Bank Group, maintained its impressive performance for the year, with total assets increasing to N384.5 billion.

According to the audited results for the year just made public, the profit before tax grew by 31 per cent to N13.5 billion, compared to the N10.3 billion recorded in December 2009; gross earnings eased by 5 per cent to N56.7 billion, compared with prior year’s N59.8 billion, while total assets went up 13 per cent from N340.5 billion in December 2009.

Chief Executive Officer, Stanbic IBTC Bank, Chris Newson, emphasised that the bank is strategically primed to achieve higher growth in the years ahead, despite the tough operating conditions.

“Despite the testing operating environment, we have grown our business responsibly and have made good progress in expanding our loan book. We recorded a 41 per cent increase on December 2009’s levels of gross loans, with a corresponding 24 per cent reduction in our non-performing loans portfolio.

“This is testament to our ability to unlock profitable investment outlets in the face of significant market liquidity and efficiency of our risk management systems,” Mr. Newson said.