BY PETER EGWUATU
Vetiva Capital Management has said that non-interest income lines uplift Stanbic IBTC earnings for the first quarter ended March 2011.
The result shows a 5 per cent Year on Year( YoY) growth in gross earnings relative to the 2010 corresponding period performance.
According to Vetiva “ it is worth mentioning that the N15.2 billion top-line is relatively bolstered by the strong performance of the non-interest income lines.
Splitting the beans, we observe that the non-interest income lines contributed 39.4 per cent of the earnings, thus underscoring our position that Stanbic-IBTC has less option outside the Holding structure, given the leadership brand and startling prospect of the non-core banking subsidiaries. We believe the overall earnings of IBTC will continue to ride on this non-interest income support from the subsidiaries, to weather the thinning asset yields