Stanbic IBTC Holdings Plc’s eight subsidiaries with separately reported financial results generated a combined profit before tax of approximately N113.37 billion in the nine months ended September 30, 2026.
The subsidiaries recorded a combined total income of N175.80 billion and profit after tax of N75.05 billion, although Zest Payment Services reported a loss during the period.
The results highlight the contribution of the group’s specialist financial-services businesses beyond its banking operations.
Pension Managers recorded the highest profit before tax at N52.58 billion, followed by Asset Management at N41.34 billion and Capital at N14.32 billion. These three businesses accounted for most of the combined pre-tax profit of the eight subsidiaries reviewed.
Combined performance of the subsidiaries
For the eight subsidiaries with disclosed figures, combined total income was approximately N175.80 billion, profit before tax was N113.37 billion, and profit after tax was N75.05 billion in the nine months to September 2026.
- Pension Managers, Asset Management and Capital generated a combined profit before tax of approximately N108.25 billion. This represents the bulk of the eight subsidiaries’ aggregate pre-tax earnings. Their performance therefore had a significant influence on the overall result.
- The other businesses contributed smaller amounts individually. Stockbrokers recorded N2.41 billion in pre-tax profit, Insurance Brokers generated N1.62 billion, Trustees reported N1.23 billion, and Ventures recorded N549 million. Zest Payment Services posted a pre-tax loss of N683 million.
Combined profit after tax was lower than profit before tax, reflecting the tax charges recorded by several subsidiaries. The difference should not be interpreted as a single tax rate across the businesses because their individual tax positions differ.
Stanbic IBTC Pension Managers Limited
Pension Managers was the largest profit contributor among the subsidiaries reviewed. It generated total income of N87.10 billion, profit before tax of N52.58 billion, and profit after tax of N34.87 billion.
Non-interest revenue contributed N77.36 billion, while net interest income stood at N9.75 billion. This income mix shows that the business relied predominantly on non-interest revenue, consistent with its pension-management activities.
Operating expenses were N34.53 billion, including staff costs of N13.21 billion. Despite these costs, the company recorded pre-tax profit exceeding N50 billion.
Stanbic IBTC Asset Management Limited
Asset Management recorded total income of N54.29 billion, profit before tax of N41.34 billion, and profit after tax of N27.23 billion.
- Non-interest revenue accounted for N51.80 billion of its income, while net interest income contributed N2.49 billion. The subsidiary’s income was therefore generated from non-interest sources.
- Operating expenses stood at N12.95 billion, including staff costs of N8.24 billion. The company recorded a positive pre-tax result of N41.34 billion, making it the second-largest profit contributor among the subsidiaries reviewed.
Asset Management’s performance highlights the earnings contribution of investment, portfolio, and fund-management activities within the group. Its substantial non-interest revenue is consistent with a business model in which management and administration fees form an important part of income.
Stanbic IBTC Capital Limited
Capital recorded total income of N23.26 billion, profit before tax of N14.32 billion and profit after tax of N9.46 billion.
Non-interest revenue contributed N19.50 billion, while net interest income amounted to N3.76 billion. Operating expenses were N8.94 billion, including staff costs of N5.71 billion.
Stanbic IBTC Stockbrokers Limited
Stockbrokers generated total income of N4.03 billion and recorded profit before tax of N2.41 billion, with profit after tax of N1.99 billion.
Non-interest revenue amounted to N3.64 billion, compared with net interest income of N395 million. Operating expenses were N1.63 billion, including staff costs of N869 million. Credit impairment charges were N2 million.
The company remained profitable, with most of its income coming from non-interest sources. Its absolute profit contribution was considerably smaller than those of Pension Managers, Asset Management and Capital, but it added positively to the combined result.
Stanbic IBTC Insurance Brokers Limited
Insurance Brokers recorded total income of N3.13 billion, profit before tax of N1.62 billion, and profit after tax of N727 million.
Non-interest revenue contributed N2.50 billion, while net interest income amounted to N634 million. Operating expenses were N1.51 billion, including staff costs of N829 million.
The gap between pre-tax and post-tax profit was notable. A reported tax expense of N891 million reduced the N1.62 billion pre-tax profit to N727 million after tax.
Stanbic IBTC Trustees Limited
Trustees generated total income of N2.26 billion, profit before tax of N1.23 billion, and profit after tax of N848 million.
Non-interest revenue was N2.03 billion, while net interest income contributed N237 million. Operating expenses stood at N1.04 billion, and credit impairment charges amounted to N35 million.
Stanbic IBTC Ventures Limited
Ventures recorded total income of N597 million and profit before tax of N549 million. Profit after tax was N619 million.
The company reported N535 million in non-interest revenue and N62 million in net interest income. Operating expenses were N48 million, while a tax credit of N70 million resulted in post-tax profit exceeding pre-tax profit.
Zest Payment Services Limited
Zest generated total income of N1.13 billion but recorded a loss before tax of N683 million and a loss after tax of N698 million.
- Its non-interest revenue amounted to N887 million, while net interest income was N239 million. Operating expenses reached N1.81 billion, exceeding total income for the period. Staff costs were N940 million.
- Zest was the only one of the eight subsidiaries to report a pre-tax loss. Its cost base exceeded its income, resulting in a negative contribution to the combined pre-tax result.
Stanbic IBTC Nominees Limited is identified in the financial statements as an indirect subsidiary, but its total income, profit before tax and profit after tax are not separately disclosed in the subsidiary summary.
Group financial statement
Stanbic IBTC Holdings Plc reported a 35.05% year-on-year increase in group profit before tax to N531.88 billion for the nine months ended September 30, 2026, compared with N393.84 billion in the corresponding period of 2025.
In the third quarter alone, pre-tax profit increased by 26.80% to N190.31 billion from N150.09 billion in Q3 2025.