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Tag: Stanbic IBTC

  • Stanbic IBTC retains AAA national Fitch ratings

    Stanbic IBTC Bank Plc and its holding company, Stanbic IBTC Holdings Plc, have retained their AAA national ratings by Fitch Ratings, the global leader in credit ratings.

    The rating reaffirmed their strong fundamentals and stability, especially the ability to meet their financial commitments as they fall due.

    The two institutions recorded AAA (nga) national long-term rating, which provides a relative measure of credit worthiness for rated institutions in Nigeria. The AAA national rating is assigned to an institution with the lowest relative risk.

    In arriving at the rating for Stanbic IBTC, Fitch took account of the strong parental support from Standard Bank Group, to which Stanbic IBTC Holdings PLC belongs, as the group provides support in such areas as staff training, provision of information technology upgrades and best practice processes as well as strong corporate governance practices.

    “Stanbic IBTC Holdings PLC’s (SIBTCH) National Ratings are based on potential support from its parent, South Africa’s Standard Bank Group Limited (SBG/Group; BB+/Stable), if required. Our view of institutional support considers SIBTCH’s strategic importance to SBG, high levels of integration between the parent and the subsidiary, as well as SBG’s majority shareholding in SIBTCH (53.2%) through Stanbic Africa Holdings Limited),” the agency stated.

    Stanbic IBTC Holdings Plc and Stanbic IBTC Bank received similar ratings in 2016 and February 2017 after a thorough examination of its credit process and financial results. The bank’s diversified loan portfolio was reviewed, with its impact on various sectors of the economy taken into account. “One of SIBTCH’s main strengths is its diversified earnings. Non-interest income generation is high and underpinned by fees and commissions and trading income. Loan impairment charges are high, but manageable in the context of strong earnings. Costs are well controlled. As a result, profitability metrics are healthy,” Fitch added.

    Chief Executive of Stanbic IBTC Holdings PLC, Yinka Sanni, said the ratings are a clear testament of the financial institution’s strength, strong leadership and the unyielding support of its parent company. He reiterated Stanbic IBTC’s commitment to the Nigerian market and pledged it will continue to provide support to all sectors of the economy in order to keep moving individuals and businesses forward.

    “We are elated by this validation of our strength. This will help to boost our drive to build a strong end-to-end financial solutions institution that offers bespoke products and services to our clientele. Our commitment to supporting the attainment of Nigeria’s developmental aspirations remains resolute,” Sanni said.

     

  • Stanbic IBTC funds kids’ education

    Stanbic IBTC funds kids’ education

    Stanbic IBTC Holdings Plc has provided 20 children with limb differences with prosthetic limbs and education trust funds under its signature corporate and investment initiative, ‘Together4 A Limb’. The provisions, the financial institution said, formed part of its commitment to see that every Nigerian child is given the opportunity to live a productive and fulfilled life.

    A 4-kilometre charity walk to raise public awareness of children without limbs or limb differences was flagged off by the Guest of Honour, the Minister of Health, Prof Isaac Adewole, who was represented by the Chief Medical Director of the Lagos State University Teaching Hospital, Prof Chris Bode.

    The charity walk was immediately followed by the presentation of cheques for the education trust fund to each of the latest beneficiary children, who had been successfully fitted with artificial limbs. This year’s seven beneficiaries were presented cheques by Prof Bode, Non-Executive Director, Stanbic IBTC Holdings Plc, Ms. Ngozi Edozien, and Chairman, Stanbic IBTC Asset Management Limited, Mrs. Ifeoma Esiri.

  • Stanbic IBTC holds Charity Walk

    Seven children with limb difference from different parts of Nigeria will be fitted with prostheses this year as Stanbic IBTC Holdings PLC undertakes its annual charity walk to raise awareness about supporting limbless persons.

    Coming under its flagship corporate social investment initiative, ‘Together 4 A Limb,’ this year’s figure will bring to 20 the number of recipients since the initiative was launched in 2015. Five persons benefitted last year.

    The Lagos charity walk is slated for Saturday, October 28, during which Educational Trust will be handed to each beneficiary. The event will kick-off at 8am, with participants wearing Stanbic IBTC’s deep blue corporate colours, walking a distance of eight kilometres. The activity is part of the corporate social investments of the Group, which is focused on three key areas of human life: health, education, and economic empowerment.

    Chief Executive, Stanbic IBTC Holdings Plc, Yinka Sanni, said a cardinal objective of the walk is to raise awareness about the importance of supporting the vulnerable in society, especially indigents and the youth. “We understand how challenging it must be for the parents and guardians of these children, especially considering the high cost of acquiring these prostheses and of course the value it would bring to the daily lives of these children,” Sanni stated.

    The signature corporate social investment initiative of the Stanbic IBTC Group was formally launched on December 2, 2015, amidst great expectation and enthusiasm. The launch was preceded by a charity walk on November 14, 2015, flagged off by Mrs. Bolanle Ambode, wife of the Lagos State governor, who commended Stanbic IBTC for its laudable corporate social investment projects, particularly in the area of education.

  • Stanbic IBTC: economy on recovery path with ERGP

    Stanbic IBTC: economy on recovery path with ERGP

    Stanbic IBTC Holdings Plc, said with diligent execution and policy consistency, the Economic Recovery and Growth Plan (ERGP) has the capacity to steer the country to full economic recovery, sustainable growth and development.

    ERGP was unveiled in April this year as a short-to-long term (2017 to  2020) blueprint to lift the country out of recession and to the path of inclusive growth and development.

    Key goals of the blueprint include macro-economic stability, incremental improvements in national productivity and sustainable diversification of production in such areas as agriculture, energy and medium and small enterprises, as well as manufacturing and services.

    The attainment of these goals underscored the theme of the 23rd Nigerian Economic Summit in Abuja – “Opportunities, Productivity and Employment.” Speaking on the sidelines at the Summit, Stanbic IBTC Holdings Chief Executive,   Yinka Sanni, said practically every sector of the Nigerian economy is endowed with huge potential, which when adequately harnessed would trigger exponential development of the country.

  • Senators to banks: release Jonathan’s wife’s cash

    Senators to banks: release Jonathan’s wife’s cash

    Senators yesterday directed two commercial banks to unfreeze some accounts belonging to companies linked to former President Jonathan’s wife, Patience.

    The accounts, domiciled with Zenith Bank, Stanbic IBTC and others, were said to have been frozen on the orders of the Economic and Financial Crimes Commission (EFCC).

    The senators, at a hearing by the committee on Ethics, Privileges and Public Petitions, declared that the accounts in question were not encumbered by any legal processes and as such be unfrozen without delay.

    Chairman of the committee, Senator Samuel Anyanwu, observed that some of the accounts were frozen based on certain administrative lapses.

    The lawmakers described the methods used in freezing the accounts as arbitrary, insisting that the EFCC failed to comply with due process in closing the accounts.

    Officials of the banks who appeared before the Senate panel however said the court order vacating the freezing of the said accounts had not been received by them.

    They however promised to reopen the accounts, based on the information made available by the senators.

    The committee members expressed worry that the banks could freeze accounts based on letters received from the EFCC without valid court orders.

    Also yesterday, the Federal High Court in Lagos was told how a former Senior Special Assistant to ex-President Gooluck Jonathan on Domestic Affairs Dr Waripamo-Owei Dudafa allegedly laundered about N5.1billion for the former president’s wife.

    The EFCC arraigned Dudafa and Iwejuo Joseph Nna (alias Taiwo A. Ebenezer and Olugbenga Isaiah) before Justice Mohammed Idris on 23-counts of conspiracy and concealment of crime proceeds.

    They are on trial for alleged conspiracy to conceal proceeds of crime amounting to over N1.6billion on June 11, 2013, among others.

    Justice Idris adjourned till October 24 for hearing of the application to travel.

    Trial will continue on November 14 and 15.

  • Stanbic IBTC: economy on recovery path with ERGP

    Stanbic IBTC: economy on recovery path with ERGP

    Stanbic IBTC Holdings Plc has said with diligent execution and policy consistency, the Economic Recovery and Growth Plan (ERGP) has the capacity to steer the country to full economic recovery, sustainable growth and development.

    ERGP was unveiled in April this year as a short-to-long term (2017 to  2020) blueprint to lift the country out of recession and to the path of inclusive growth and development. Key goals of the blueprint include macro-economic stability, incremental improvements in national productivity and sustainable diversification of production in such areas as agriculture, energy and medium and small enterprises, as well as manufacturing and services.

    The attainment of these goals underscored the theme of the 23rd Nigerian Economic Summit in Abuja – “Opportunities, Productivity and Employment.” Speaking on the sidelines at the Summit, Stanbic IBTC Holdings Chief Executive,   Yinka Sanni, said practically every sector of the Nigerian economy is endowed with huge potential, which when adequately harnessed would trigger exponential development of the country.

    By empowering enterprises, he added, big and small, opportunities are unlocked, which leads to enhanced productivity levels and subsequent creation of employment for the people.

    Sanni said though Nigerian enterprises are buffeted by a myriad of challenges and with a conducive operating environment, banks can assist in reversing this trend by providing critical support across the SME value chain, which would enable the sector play its foundational role in economic development.

    SMEs in Nigeria, he added, are constrained in three main areas namely: management, finance and business environment. “In the area of management are issues such as skills shortage, management expertise, financial management, business support and access to markets, while in the area of finance, they are confronted by cost of capital, lack of collateral, information requirements, regulation impact and culture clash,” Sanni said.

  • Stanbic IBTC to attract FDIs

    Stanbic IBTC, a member of the   Standard Bank Group, has re-stated its commitment to exploiting its international connections to ensure an increased flow of foreign capital into the economy.

    Stanbic IBTC Holdings PLC Chief Executive Yinka Sanni made this known in Lagos at the Standard Bank West to East Africa Investors’ Conference.

    The four-day event was themed “Delivering on the promise of growth, the how and when.”

    The Lagos gathering, which included a presentation by a representative of the International Monetary Fund (IMF), brought together foreign investors, policymakers, regulators, government officials, private sector players, and thought leaders to engage and explore growth potential and opportunities in Nigeria, including.

    Sanni, while welcoming participants, said they would showcase the investment potential in the country to foreign investors as well as provide a platform where participants can network and engage with key policymakers and business leaders in the country.

    According to him, “Stanbic IBTC is particularly pleased to note that there have been movements in key sectors of the economy in terms of investment activities.”

    Sanni said he expected to see further growth in the inflow of the much-needed capital from foreign investors into key sectors of the economy.

     

    The Minister of Finance, Mrs Kemi Adeosun, who was the special guest at the event, gave a presentation on government’s economic agenda and policy direction. The minister said there is a huge opportunity for growth and that government is determined to boost revenue generation to deliver on its growth promises.

    Using data to back up her claim, the minister said Nigeria is not an oil-based economy like the Middle East oil giants such as Saudi Arabia, Iran, or UAE and that to achieve the desired growth, it is imperative for the country to accept this and then properly benchmark its progress with similar economies like Argentina and other non-oil based economies. According to the minister, the government has adopted a project-based approach to development in key sectors and is therefore focused on growth drivers, driving non-oil revenue growth through appropriate taxation, fiscal discipline, and structural reforms in soft infrastructure such as enhancing the ease of doing business. She said government will also continue to encourage private capital through appropriate policies.

    Chief Executive, Stanbic IBTC Bank, Dr Demola Sogunle, thanked the minister for a brilliant presentation and participants for a robust engagement. He expressed the confidence that Stanbic IBTC, through its regular engagements with local and foreign investors, via the investors’ conference and other initiatives, would continue to lead in attracting capital inflows into the economy.

    A recent report by the National Bureau of Statistics showed that Stanbic IBTC facilitated a staggering $589.84 million capital inflow into the country in second quarter, ranking it first among financial institutions that imported capital into Nigeria.

     

  • NSE market indicators dip further by 0.08%

    NSE market indicators dip further by 0.08%

    A total of 174.65 million shares valued at N2.83 billion were traded in 3,783 deals on the Nigerian Stock Exchange ( NSE ) on Tuesday.

    These were against the 162.74 million shares worth N1.54 billion traded in 3,225 deals on Monday.

    The News Agency of Nigeria (NAN) reports that the NSE market capitalisation depreciated further by N9 billion or 0.08 per cent to close at N12.012 trillion from N12.021 trillion recorded on Monday.

    The All-Share Index, which opened at 34,873.07, lost 26.25 basis points to close at 34,846.82.

    Seplat led the losers’ chart with a loss of N6.76 to close at N450 per share.

    7UP followed, depreciating by N4.48 to close at N85.82, while Nigerian Breweries dropped N2.01 to close at N167.99 per share.

    Total Oil dipped by N1.9 to close at N223.1, while PZ Cussons depreciated by N1 to close at N24 per share.

    Conversely, Nestle topped the gainers’ table with N23.9 to close at N12228.9 per share.

    It was trailed by GTBank which gained 54k to close at N38.54 per share.

    Stanbic IBTC gained 5k to close at N40, while Unilever appreciated by 2k to close at N42 per share.

    Also, Guinness up by 15k to close at N96.8 per share.

    GTBank was the toast of investors, trading 33.84 million shares worth N1.29 billion.

    FCMB came second, trading 12.58 million shares worth N12.88 million, while FBNH sold 12.53 million shares valued at N65.22 million.

    Mansard traded 11.62 million shares worth N23.12 million, while Zenith Bank sold 10.56 million valued at N232.62 million.

  • NIRSAL, Stanbic IBTC sign N50b agric financing pact

    The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) and Stanbic IBTC Bank have signed a N50 billion Memorandum of Understanding (MOU), for agricultural finance scheme.

    The partnership will cover NIRSAL supported projects in livestock, crops, mechanisation, logistics and poultry. Both organisations are in partnership for the 2017, 2018 dry and wet season.

    The Managing Director, NIRSAL Aliyu Abdulhammeed disclosed this at the launch of the N50 billion NIRSAL, Stanbic IBTC agriculture finance scheme in Abuja.

    He said the project was the continuation of its effort to boast agricultural productivity and modernisation by facilitating increased bank lending to the sector.

    He said: “STanbic IBTC has committed an initial N50 billion for the takeoff of the scheme. The amount is to be expanded gradually as milestones are achieved. The first phase of the scheme is projected to create over 92,000 direct jobs, impact about 200,000 lives boasts incomes of rural farmers and compliments government, s efforts to drive inclusive economic growth through agriculture.

    “It will also lead to the cultivation of an additional 11.195 hectares of arable land, increase in the national food output by up to 50, 580mtin yeild and add N3.87 billion value addition. Under the terms of the partnership, NIRSAL is to provide credit guarantee to cover up to 75 per cent of Stanbic IBTC loans to bankable agricultural projects using its $300 million risk sharing facilities.

    “The partnership is in line with NIRSAL mandate to attract private sector finance to agriculture. This partnership marks the start of NIRSAL’s long term collaboration with Stanbic IBTC to ensure that commercial agriculture is entrenched and made a main stream occupation.

    “It is testament to our shared vision for agriculture as a profitable enterprise and a key driver of the Nigerian economy. We are committed to providing Stanbic IBTC with the cover to lend to agriculture and are happy that its management has agreed to partner with us on this project.

    “NIRSAL interventions must be understood within the context of the broad economic policies of this administration. NIRSAL as a policy tool of the Central Bank with the mandate to de risk agriculture and give banks the comfort to lend more to the sector by collaborating with financial institutions such as Stanbic IBTC to drive growth in the agriculture sector as part of its institutional contribution to achieving the objective of the economic recovery growth plan.

    The M.D Stanbic IBTC Demola Segunle said this partnership is the march towards diversification, the Nigerian economy he said is diversified but the government revenue is concentrated on oil and gas. We came up with a productive programme of N10billion to turn agric chain to something that can generate revenue for the country. We test every agric project we embark on for legibility. Our risk criteria has to align with that of NIRSAL. This is a long term partnership for both organisation.

  • Stanbic IBTC declares N28.52b profit after tax

    Stanbic IBTC Holdings Plc has announced its audited financial statements for the year ended 31 December 2016. The result showed the group’s profit after tax increased by 51 per cent from N18.90 billion earned in 2015 to N28.52 billion in 2016.

    This showed that the bank has cleared a backlog of financial reports occasioned by restrictions imposed by the Financial Reporting Council of Nigeria (FRC). The 2015 audited financial statements had been issued on Tuesday March 7, 2017 following the resolution of the dispute with FRC.

    At its 5th annual general meeting held yesterday in Lagos, the Group reported a total income of N126.05 billion for the period under review, representing an increase of 25 percent over the N100.65 billion achieved in 2015.

    This was largely due to an increase in interest income and fees and commissions. Also, the group’s net interest income increased by 32 per cent from N43.86 billion in 2015 to N57.86 billion in 2016,  while non-interest revenue increased by 20 per cent to N68.19 billion, from N56.79 billion in 2015.

    Chief Executive, Stanbic IBTC Holdings PLC, Yinka Sanni, said despite very challenging macro-economic conditions, the institution remains in very sound financial shape, as shown in the 2016 performance and the 2017 half year result.

    “Our business grew despite the adverse macroeconomic environment, withstanding the economic headwinds through a disciplined approach that leveraged on innovation and technology to create value for our customers and stakeholders in a cost efficient manner. The fundamentals of our business remain strong and as we purposefully execute our strategy we are optimistic that we will continue to improve,” Sanni said.

    The group’s total assets grew by N115.96 billion or 12 percent from N937.56 billion to N1.053.52 trillion at the end of 2016.

    The bank’s deposits from customers increased by N67 billion or 14% from N493.51 billion to N561.0 billion at the end of 2016.

    “The Stanbic IBTC brand remained strong and we were able to mitigate the heightening legal and regulatory risk environment. In the course of the year, we reached a settlement with the Financial Reporting Council of Nigeria and got final approval for the release of our 2015 results. We maintained our dominance across our key businesses and made significant progress in our Personal and Business Banking business. The addition of the insurance brokerage business in 2016 further increased our capacity to deliver end-to-end financial solutions to our customers,” he added.

    Sanni emphasized that the institution remains on track to maintain its long-term strategic growth and profitability objectives by prioritising asset quality through diligent and systematic approach to risk management.

    Stanbic IBTC had in 2012 adopted a holding company structure, in keeping with the Central Bank of Nigeria’s directive. Under the structure, the subsidiaries of Stanbic IBTC Holdings PLC are Stanbic IBTC Bank, Stanbic IBTC Pension Managers Limited, Stanbic IBTC Asset Management Limited, Stanbic IBTC Trustees Limited, Stanbic IBTC Capital Limited, Stanbic IBTC Stockbrokers Limited, Stanbic IBTC Insurance Brokers Limited, Stanbic IBTC Ventures Limited and Stanbic IBTC Investments Ltd. Stanbic IBTC Nominees Nigeria Limited and Stanbic IBTC Bureau de Change Limited are the only subsidiaries of Stanbic IBTC Bank.

    The adoption of a holding company has allowed the group to keep its businesses and consolidate the strength and expertise of the different business units, enhancing the ability to drive future growth. The strategy has broadened the scope of services provided and steadily nudging it towards the goal of becoming the leading end-to-end financial solutions provider in the Nigerian market.

    At the event, Professor Fabian Ajogwu was elected an independent non-executive director, while Basil Omiyi and Ballama Manu were re-elected non-executive directors. Omiyi, who was appointed to the Board in March 2015, had emerged the Chairman in April 2017 following the resignation of Atedo Peterside, the founding managing director and chairman.