- Stanbic IBTC Pension Managers reported an annual income of N61.09 billion in 2023, a 16.5% increase from 2022.
- The company’s profit after tax was N25.8 billion, up from N22.8 billion in 2022.
- Stanbic IBTC Pension Managers contributed 17.2% to the group’s revenue of N355.16 billion in 2022.
- It is Nigeria’s largest pension fund asset manager with over N6 trillion in Asset Under Management.
- The company’s profitability was highlighted by its position as the third highest within the Stanbic IBTC Group.
- Stanbic IBTC Bank achieved an almost 100% surge in its after-tax profit for the year 2023, escalating from N55.14 billion in 2022.
Stanbic IBTC Pensions Records N25.8 Billion Profits in 2023, a subsidiary of the Stanbic IBTC Group, has reported significant financial growth in 2023, recording an annual income of N61.09 billion, marking a 16.5% increase from the N52.5 billion reported in the same period in 2022. This growth is attributed to the company’s strong performance in managing pension funds, with over N6 trillion in Asset Under Management, making it Nigeria’s largest pension fund asset manager. The company’s contribution to the group’s revenue was about 17.2%, highlighting its substantial role within the Stanbic IBTC Group.
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The financial results for 2023 show a notable improvement in several key financial metrics compared to 2022. The total operating expenses were N22.6 billion, up from N18.2 billion in 2022. The pre-tax profit for 2023 was N38.495 billion, a significant increase from N34.2 billion in 2022. The most notable achievement was the profit after tax, which reached N25.8 billion in 2023, a substantial increase from N22.8 billion in 2022. This increase in profitability positions Stanbic IBTC Pension Managers as the third highest in terms of profitability within the Stanbic IBTC Group, following closely behind Stanbic IBTC Bank and Stanbic Holdings Plc.
Stanbic IBTC Bank, another subsidiary of the Stanbic IBTC Group, led the group with an after-tax profit of N110.4 billion for the year 2023, showcasing a nearly 100% surge from N55.14 billion in 2022. This significant growth highlights the year of substantial financial performance within the group. Stanbic Holdings Plc secured the second position with an after-tax profit of N47.62 billion, demonstrating the group’s overall financial strength and diversification across its subsidiaries.
The financial success of Stanbic IBTC Pension Managers in 2023 underscores the company’s strategic focus on pension management and its ability to navigate the competitive landscape of the pension industry. The company’s strong performance, coupled with the broader financial growth of the Stanbic IBTC Group, positions it as a key player in the Nigerian financial sector. The results also reflect the group’s commitment to growth and profitability, reinforcing its position as a leading financial institution in Nigeria.
Key Highlights 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
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