Stanbic IBTC Pension reports N52.50 Billion Income for 2022

Stanbic IBTC Pension Managers Limited, one of the biggest Pension Fund Administrator (PFA) in Nigeria by Assets under Management and number of Retirement Savings Accounts (RSAs), has released its Abridged Audited Financial Statement for the year 2022.

The report revealed that Stanbic IBTC Pension earned approximately N52,496,280,000 as gross income for the year 2022, a 13.97% increase when compared to the N46,062,363,000 it earned in 2021. The Company’s gross income is largely driven by management fees which is the Fee Income charged on the pension assets it manages.

A breakdown of the gross income revealed that N48,371,234,000 was earned from Fee Income, a 14.02% increase compared to the N42,424,323,000 it earned from fee income in 2021, N4,079,362,000 was earned from Investment income, a 12.25% increase compared to the N3,634,297,000 it earned from Investment income in 2021. The company also earned N46,810,000 from other income in the year 2022.

The report also revealed the expenses the company incurred during the year 2022, the company spent N18,275,354,000 on general expenses, a 35.54% increase compared to the N13,483,351,000 for 2021, N7,110,276,000 on Staff cost, a 31.99% increase compared to the N5,387,026,000 for 2021, N11,165,078,000 on Other operating expenses, a 37.90% increase compared to the N8,096,325,000 for 2021 and N11,103,544,000 was spent on Tax Expense, a 4.92% increase compared to the N10,582,835,000 for 2021.

Stanbic IBTC Pensions Managers Limited profit after tax for the year 2022 was N23,115,758,000, a 5.05% increase compared to the N22,004,833,000 profit after tax for 2021. As regulatorily required, the company transferred 12.5%, N2,889,470,000, to statutory reserve while N20,226,288,000 was transferred to retained earnings. The Earnings per share (basic) for the year 2022 was 2312 kobo compared to the 2200 kobo for the year 2021.

Check here for Fees Charged by Operators for Management of Pension Funds

Check out Income earned per PFA in 2019, 2020 and 2021

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