Stanbic profits plunge

According to the bank, income declined to P666 million from P813 million in 2013 largely due to systematic pressures in the market, which include, the low interest rates environment, the freeze in bank charges increases as well as the prevailing liquidity squeeze.

On the other hand, costs increased for the country’s fourth largest bank by assets, as operational costs were catapulted by IT related costs while the costs of funds was pushed up by the tight liquidity in the market.  As a result, the bank’s costs to income ratio deteriorated in 2014 to 66 percent from 47 percent in 2013.