Stanbic IBTC Pensions records N25.8 billion profits 2023
Stanbic IBTC Pension Managers reported an annual income of N61.09 billion in the year ending December 2023, marking a significant 16.5% increase from the N52.5 billion reported in the same period in 2022.
Contributing about 17.2% to the group’s total revenue of N355.16 billion in 2022, Stanbic IBTC Pension continues to play a vital role in the financial landscape.
The reported earnings are gross of consolidations and intergroup eliminations, with the group holding approximately 88% equity of Stanbic Pensions Ltd shares.
As Nigeria’s largest pension fund asset manager, Stanbic IBTC Pension boasts over N6 trillion in Asset Under Management, solidifying its position as a key player in the market.
In addition to its impressive income figures, the company also reported a profit after tax of N25.8 billion in the year under review, showing a notable increase from N22.8 billion in the same period of 2022.
Key Highlights of 2023 vs 2022
- Income: N61.095 billion vs N52.5 billion
- Total Operating Expenses: N22.6 billion vs N18.2 billion
- Pre-Tax Profit: N38.495 billion vs N34.2 billion
- Profit After Tax: N25.801 billion vs N22.8 billion
Stanbic IBTC Pension Managers’ Position in the Group
Within the Stanbic IBTC Group’s array of subsidiaries, Stanbic IBTC Pension Managers stands out as the third most profitable, following closely behind Stanbic IBTC Bank and Stanbic Holdings Plc.
- Stanbic IBTC Bank led with an after-tax profit of N110.4 billion for the year, showcasing its dominance in the financial sector.
- Stanbic Holdings Plc secured the second position with an after-tax profit of N47.62 billion, further highlighting the group’s overall strong performance.
Notably, Stanbic IBTC Bank saw a remarkable almost 100% surge in its after-tax profit for the year 2023, escalating from N55.14 billion in 2022. This growth underscores a year of significant financial success and advancement within the group.
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