Shares in the lender moved slightly up by 0.15 per cent to N33.55 per unit in Lagos after the report was released.
The subsidiary, one of the eight divisions under the group, is Nigeria’s biggest pension fund administrator withStanbic IBTC Holdings saw a 62.5 per cent slide in income from life insurance activities, but there was a tremendous improvement in trading revenue, which stood at N34.7 billion compared to the N13.3 billion reported the year before.
From its revenue, the financial institution set aside N10.3 billion to cover loans whose chances of being repaid have been hampered by recurrent defaults, whereas it earned N1.5 billion the previous year as a write-back on such loans. “We expect impaired loans ratios to increase moderately as borrowers contend with the challenging macro conditions,” it added.
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