StanbicIBTC records 136% profit growth in Q1, as Flour Mills forecast turnover of N72.199b Q2
Lagos (WorldStage Newsonline)-- Stanbic IBTC Monday released its first quarter (Q1) result ending March 2012 at the Nigerian Stock Exchange, grossing N14.689 billion when compared with N12.384 billion recorded in 2011, this represents a growth of 19 per cent.
The bank further said that its profit after tax (PAT) after extraordinary income, rose by 136 per cent at N2.501 billion as against N1.061 recorded in Q1 2011.
The highlights of the result showed profit before (PBT) provisions of N3.436 billion, a growth of 129 per cent as against N1.500 billion achieved in the corresponding year 2011, While taxation also rose from N439million in 2011 to N935million in March 2012.
The statement further said that fixed asset dropped to N23.946 billion by Q1 this year as against N24.724 billion recorded last year March.
In another development Flour Mills Plc on Monday forecast a turnover of N72.199 billion for second quarter (Q2) ending June 2012.
The company, while presenting its profit and loss account on the floor of the Exchange said i'ts turnover is expected to rise to N72.199 billion, while Profit before Tax (PBT) will stand at N3.773 billion by Q2 this year.
The statement further said that taxation by Q2 is expected to stand at N1.20billion, Profit after Tax (PBT) to stand at N2.566 billion.