Stanbic IBTC Holdings PLC, an integral entity within the financial landscape of Nigeria, has announced its first quarter (Q1) earnings ended March 31, 2024.
The bank posted an increase of 58.13 percent from N28.86 billion reported in the first quarter (Q1) ended March 31, 2023. Also, it reported a pre-tax profit of N62.7 billion, representing a 73% year-on-year growth, compared to the N36.3 billion pre-tax profit posted in Q1 2023.
Stanbic Holdings’ major source of earnings is reported to have come from interest income, which saw the company post a net interest income of N76.8 billion, highlighting a 111.4% YoY growth of the N36.4 billion net interest income posted in Q1 2023. Like other financial institutions in Nigeria, Stanbic enjoyed significant earnings from increased interest rates in the country.
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Check Out Stanbic IBTC Holdings Q1 2024 earnings report
– Net interest income: N76.9 billion, +111% YoY
– Non-interest revenue: N61.3 billion, +38% YoY
– Total income: N138.2 billion, +71% YoY
– Net impairment charge on financial assets: N7.1 billion, +117% YoY
– Income after credit impairment charges: N131.1 billion, +69% YoY
– Profit before tax: N62.7 billion, +73% YoY
– Profit for the period: N45.6 billion, +58% YOY
– Earnings per share: N3.45, +59.7% YoY
– Cash and cash equivalent at the end of the period: N1.44 trillion, +133% YoY
– Loans and advances: N2.2 trillion, +9% YTD,
– Total assets: N6.O trillion, +16% YTD
- Net Cash flows from operating activities N791,606 million
- Cash flows used in Operations N754,664
- Increase in assets N197,781 million
- Increase in deposits and other liabilities N559,748 million
- Net Cash flows used in investing activities N50,580 million
- Net Increase in cash and bank balances N983,006 million
Stanbic total assets for 2023 recorded a 70 per cent growth to N5.1 trillion, from the N3.0 trillion posted in FY 2022. This growth in asset was driven to a 69 per cent increase in the group’s loans and advances as well as the 108 percent growth in cash and cash equivalents.
The company showcased a remarkable financial first quarter performance ended March 2024. Through its remarkable growth over the years, the bank stands as a beacon of financial ingenuity and stability. Recall that in 2022, it was awarded the overall best bank in retail and SME segments.
Notably, Stanbic Holdings takes pride in its strategic investment and management of controlling shares across its ten direct subsidiaries.
These includes; Stanbic IBTC Bank Limited, Stanbic IBTC Pension Managers Limited, Stanbic IBTC Asset Management Limited, Stanbic IBTC Capital Limited, Stanbic IBTC Insurance Limited, Stanbic IBTC Stockbrokers Limited, Stanbic IBTC Ventures Limited, Stanbic IBTC Insurance Brokers Limited, Stanbic IBTC Trustees Limited, Zest Payment Limited (formerly Stanbic IBTC Financial Services Limited) and one indirect subsidiary, namely: Stanbic IBTC Nominees Limited.
Snap Q1 2024 Earnings Surpassed Analysts Earnings, Records Double-digit Growth
Meanwhile, American technology company Snap has reported its first quarter (Q1) earnings for 2024, surpassing analysts’ expectations, and also recorded a return to double-digit revenue growth.
The company recorded a first-quarter revenue of $1,195 million, compared to $989 million in the prior year, highlighting a 21% year-over-year increase. Meanwhile, LSEG expected $1.12 billion.
Speaking on the Q1 2024 earnings report, Snap CEO Evan Spiegel said,
“The value we provide our community and advertising partners has translated into improved financial performance. Our large, growing, and hard-to-reach community, brand-safe environment, and full-funnel advertising solutions have made us an increasingly important partner for businesses of all sizes”.
Snap Q1 2024 Financial Summary
•Net loss was $305 million, compared to $329 million in the prior year.
•Adjusted EBITDA was $46 million, compared to $1 million in the prior year.
• Operating cash flow was $88 million, compared to $151 million in the prior year.
• Free Cash Flow was $38 million, compared to $103 million in the prior year.
Snap has been working to rebuild its advertising business after the digital ad market significantly declined in 2022. In a bid to improve ads on the platform, the company implemented several measures.
For instance, it announced two new brand safety solutions for advertisers: a third-party measurement product in partnership with Integral Ad Science, a leading global media measurement and optimization platform, to provide advertisers with increased transparency across their Snapchat campaigns, and a first-party tool that allows advertisers greater control over where their ads appear.
The input on its ads business has begun to yield positive results after the company disclosed that revenue growth was primarily driven by improvements in its advertising platform, as well as demand for its direct-response advertising solutions. The company noted that the number of small and medium-sized advertisers on Snapchat increased 85% year-over-year.
Also, Snap disclosed that the overall time spent watching content globally grew year-over-year, driven primarily by increases in total time spent watching Spotlight and Creator Stories. It added that it has built more advanced ranking models over the past year that are driving improvements in content engagement.
The app’s daily users surged to 422 million in Q1 2024, an increase of 39 million, or 10% year-over-year. Snapchat+ subscribers also more than tripled year-over-year, surpassing 9 million subscribers in the quarter. The company, which laid off 10% of its workforce in February, now says it expects its headcount to “grow modestly as it moves through 2024.”
Notably, Snap plans to continue to invest in generative AI models for the creation of Lenses on the platform, noting that the number of ML and AI Lenses viewed by users increased by more than 50% year-over-year.
As it gears up for Q2, the company announced that it anticipates continued growth of its global community, with a focus on executing against its roadmap to deliver improvements to its DR advertising platform to drive improved results for its advertising partners and accelerate topline growth.
Snap says it expects a Q2 guidance range for revenue from $1,225 million to $1,255 million, implying year-over-year revenue growth of 15% to 18%.