The Nation Newspaper

Tag: Stanbic IBTC Holdings Plc.

  • Stanbic IBTC grows net profit by 54% to N74.4b

    Stanbic IBTC Holdings Plc has recorded considerable growths across all key performance indicators in 2018 with the net profit rising by 54 per cent to N74.4 billion.

    Key extracts of the audited report and accounts for the year ended December 31, 2018 showed that the group grew its top-line earnings to N222.4 billion in 2018 compared with the N212.4 billion in 2017. Profit before taxation rose by 44 per cent to N88.2 billion as against N61.2 billion while profit after tax rose by 54 per cent to N74.4 billion in 2018 as against N48.4 billion in 2017.

    The balance sheet showed that group’s total assets grew by 20 per cent to N1.66 trillion in 2018 compared with the N1.39 trillion in 2017. Customer deposit grew by seven per cent to N807.7 billion from N753.6 billion. Gross non-performing loans decreased by 50 per cent to N17.7 billion in 2018 compared with N35.3 billion. This decrease impacted positively the gross non-performing loan to total loan ratio, which improved to 3.9 per cent, well below the regulatory threshold of 5.0 per cent and 8.6 per cent recorded in 2017. The non-performing loans figure became more impressive when viewed against the 14 per cent increase in gross loans and advances from N403.9 billion in 2017 to N458.9 billion in 2018.

    Stanbic IBTC Holdings Plc Chief Executive Officer, Mr Yinka Sanni, said the balance sheet size was impacted by growth in risk assets and financial investment portfolio, which reflected investment expertise and quality management.

    According to him, strong growth in fees and commission income as well as write-backs, which resulted from recoveries made on previously written off loans and reversals on some non-performing loan, contributed to the strong showing.

    He outlined that performances across its three divisions, corporate and investment banking, wealth management businesses, and personal & business banking, were strong and contributed to the turnover.

    “As a financial institution we will continue to leverage our universal financial services capability, unrelenting focus on cost control, digitisation and client centricity to ensure that we continue to grow our capacity to provide incomparable high quality end-to-end financial solutions to our customers in a sustainable manner,” Sanni said.

     

  • Stanbic IBTC Pensions, others get ISO certifications

    Stanbic IBTC Pension Managers Limited, Stanbic IBTC Asset Management Limited and Stanbic IBTC Trustees Limited, all members of Stanbic IBTC Holdings PLC, have received ISO 9001:2015 Certifications.

    In a statement, Stanbic IBTC said the certification ihighly regarded globally.

    It stated that the Lead Auditor, DQS Management Nigeria Limited, a leading global certification body for quality management systems and organisational health, Mr. Lawrence Ogudu, while presenting the awards in Lagos, affirmed that the three firms met the certifications’ requirements.

    Ogudu listedd these to include   the ability to provide products and services that meet customer, statutory and regulatory requirements.

    According to him, it also involves the enhancement of customer satisfaction through the effective application of the system, including processes for improvement of the system and the assurance of conformity to customer and applicable statutory and regulatory obligations.

    He said the certification is simply a message to customers and prospects that the businesses have the capacity, are committed and sincere in their product and service delivery.

    The certification, amongst its many benefits, will enable the three businesses to serve their customers at the right level of quality and ensure zero variability in the delivery of services across the various digital and non-digital touch points, all of which enhances customer experience and relationships with the businesses, he noted.

    Stanbic IBTC Pension Managers Limited Chief Executive Mr Eric Fajemisin, who spoke on behalf of the subsidiaries, commended the teams for making the certifications possible. He stressed that the requirements of the system would be reviewed and developed for higher performance.

    He said: “Stanbic IBTC is pleased with the ISO 9001:2015 Certifications.’’

    According to the financial institution, it is a clear demonstration of the Stanbic IBTC Group’s drive to improve service delivery in all aspects of its businesses. The group assures that it will continue to build on its existing strengths, including its membership of the Standard Bank Group, Africa’s biggest financial institution, to improve on its service delivery across all segments, customer touch points and channels of operations.

    “The certification, Stanbic IBTC said, will help to benchmark performance by identifying areas that require fixing and improvement. The critical objective is to deliver quality and reliable services through improved internal management and operational processes.”

    “We have long recognised that improvements in our performance, which a robust quality management system assures, are directly connected to quality service and customer satisfaction,” the company added.

  • Court awards N50, 000 to Stanbic/IBTC against shareholders

    The Federal High Court in Lagos on Friday awarded N50,000 to Stanbic IBTC Holdings Plc as punitive cost against its minority shareholders.

    A shareholder, Alhaji Muktar Muktar, on behalf of himself and the Trusted Shareholders Association of Stanbic Holdings Plc, is seeking to be joined as a party to a suit filed by Stanbic IBTC Holdings against the Financial Reporting Council of Nigeria (FRC) and the National Office for Technology Acquisition and Promotion (NOTAP).

    The application was billed for hearing on Friday, but counsel for the shareholders, Elder Paul Ananaba (SAN), sought an adjournment.

    He said he was not ready to move the application and needed more time.

    Besides, he said Stanbic IBTC’s counsel, Prof. Fidelis Oditah (SAN, QC), only served him with his reply to the application on Thursday.

    However, Oditah said Ananaba should have communicated to him that he was not ready to argue the application.

    He, therefore, asked for punitive cost of N100,000.

    However, Justice Ibrahim Buba said he would adjourn to enable Ananaba “put in every arsenal he has.”

    Rather than the N100,000 Oditah asked for, he awarded N50,000 in his favour.

    The applicant, in his motion on notice, is seeking an order joining him as a defendant in the suit.

    His prayer is on behalf of the minority shareholders of Stanbic IBTC Holdings.

     

  • Court restrains financial council from obstructing Stanbic IBTC operations

    The Federal High Court in Lagos on Wednesday restrained the Financial Reporting Council of Nigeria (FRCN) from obstructing the operations of Stanbic IBTC Holdings Plc.

    Justice Ibrahim Buba granted an order of interlocutory injunction restraining the council or its officers from “from interfering with, or otherwise impeding, obstructing, molesting or hindering” the plaintiffs’s operations.

    The judge barred FRCN from preventing the plaintiff or its subsidiaries “from carrying on their lawful businesses.”

    Justice Buba also restrained the council from inviting the entire Stanbic IBTC Holdings’ board of directors to any meeting in connection with the defendant’s statutory investigation of the plaintiff’s statements.

    The orders, the judge said, will subsist “until the hearing and determination of these proceedings.”

    Justice Buba ruled on an motion on notice for orders of injunction against FRCN and the National Office for Technology Acquisition and Promotion (NOTAP).

    The plaintiff said FRCN, since August 3, has been investigating its audited accounts for the year ended December 2014.

    The investigations concern liabilities accrued in the plaintiff’s 2014 accounts in respect of franchise fees owed to Standard Bank of South Africa, the registration of which it said has been pending before NOTAP since 2011.

    The plaintiff said FRCN labelled the franchise agreement as illegal, and invited IBTC Holdings’ Chief Executive Officers to appear before it.