Stanbic’s H1 2023 audited numbers showed a 61.6%y/y increase in Interest Income to N110.3bn driven by improved yields on risk assets. Q/q (Q2 2023 compared with Q1 2023), Interest Income was up 18.7%. Net Loans to customers was up 37.4% in H1 2023 from December 2022 (inclusive of the impact of the devluation on foreign currency loans). Interest Expense also grew strongly, up 110% y/y to N37.6bn. Q/q, Interest Expense was up 67.7%. Customers Deposits were up 31.5% in H1 2023 (also inclusive of the impact of devaluation) compared with December 2022. Overall, Net Interest Income grew 44.3% y/y to N72.7bn in H1 2023.
