However, the uptick in the group's non performing loan (NPL) ratio to 4.8 per cent in the period under review, compared to the 4.4 per cent it stood as at
But its cost of risk improved to 0.9 per cent, as against the 1.5 per cent it was in the first quarter of 2014.
Its net interest income was up by 28 per cent to N23 billion as at the end of
Similarly, just as the group's total operating income climbed by 20 per cent to N50.3 billion, from N42 billion as at
Profit after tax also increased by 56 per cent to N15.9 billion, from N10.2 billion as at
Its customer deposits were also up by 23 per cent to N511.8 billion while deposit mix improved to 61 per cent.
"The beat was driven by a combination of balance sheet growth, efficiency on the back of lower than expected costs, and the break-even of personal banking business (PBB) in the second quarter of 2014.
"Considering the improved earnings run-rate in PBB year-to-date, we are therefore not surprised to see Stanbic's RoAE now at 29 per cent versus the 21 per cent recorded in full year 2013.
"Over the second half of the year, key for the bank will be to sustain CIR at current levels or better and keep asset quality in check," the Vice-President, Banking Analyst, Sub- Saharan Africa,
Commenting on the results, the Chief Executive Officer,
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