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Tag: Stanbic IBTC

  • Stanbic IBTC plans business leadership series

    Stanbic IBTC plans business leadership series

    The stage is set for the second edition of the Stanbic IBTC Business Leadership Series, an annual forum designed to help create deeper connections and build a new cadre of leadership among people and businesses in Nigeria. The event, with the theme Digitising Your Business for Sustainability, will hold in Lagos tomorrow.

    Speaking in Lagos, its Chief Executive Officer, Mrs. Sola David-Borha, said this year’s theme builds from insights from the maiden edition, which had the theme, ‘Leadership in The Digital and e-Commerce Age.’

    As Nigeria attempts to diversify her economy, especially by stimulating the growth of the small and medium enterprises sector, Mrs. David-Borha said there is every need to highlight the role of digital technology in economic development. Diversification of the economy has become imperative given the volatile commodities market among other reasons.

    With internationally acclaimed rocket scientist, motivational speaker and innovator, Siyabulela Xusa, and CEO and Founder of Interswitch Limited, Mr. Mitchel Elegbe, headlining the event, participants and the Nigerian business community will be availed strategic insights into today’s global digital economy and how to harness it for development of the Nigerian economy.

    Strategic indicators into opportunities from which SME operators, budding entrepreneurs and the Nigerian business community can gain valuable knowledge on how to successfully navigate today’s business landscape will be examined. The forum will also provide a platform for key thought leaders to discuss current economic issues.

    David-Borha said the initiative, reinforces Stanbic IBTC’s commitment to the attainment of Nigeria’s developmental aspirations, while also benefiting clients, businesses, professionals and the industry at large. “We will be looking at business leadership from various angles. Key focus will be given to leadership in the digital age and how e-Commerce is changing the face of business globally,” she added

    Participants, majorly Stanbic IBTC clients, are expected from both the public and private sectors, including experts, investors, regulators, captains of industry and the business community.

    Xusa, who won global acclaim for developing a cheaper and safer rocket fuel, is expected to engage stakeholders in discussions on how Africa can chart its own path and create prosperity for the continent. In an interview, he said, “I may not be able to predict what the future holds. But I am excited at how my engineering education will enable me to achieve my aspirations for Africa”. “My mother told me that even if a planet is named after you, you should always remain down-to-earth.”

    Mitchel Elegbe, often addressed as Mr. Cashless for his strident quest to modernise Nigeria’s payment system, will provide a scorecard on the journey to a cashless economy, while the story of Interswitch, which he has nurtured into a leading brand in Nigeria’s e-Commerce landscape, will further elucidate on the power of digital technology.

    His story was so compelling, the International Finance Corporation (IFC) wrote a book on him titled “Being the Change: Inspiring the Next Generation of Inclusive Business Entrepreneurs Impacting the Base of the Pyramid,” highlighting his accomplishments as an innovator and strategist.

  • FRCN investigates Stanbic IBTC over unapproved transactions

    FRCN investigates Stanbic IBTC over unapproved transactions

    The Financial Reporting Council of Nigeria (FRCN) has said it is investigating Stanbic IBTC Bank Plc for allegedly engaging in unapproved transactions with its foreign technical partners in the last four years.

    Its Executive Secretary/CEO, Jim Obazee, who spoke yesterday in Abuja during a meeting with the Director-General, National Office for Technology Acquisition and Promotion (NOTAP), Dan-Azumi Ibrahim, said the Council was responding to a petition written by shareholders of the bank “drawing the attention of regulatory authorities to some unapproved transactions conducted by the bank with its foreign technical partners. The petition from stakeholders, is on issues relating to the way they have been accruing some monies in their account.”

    The bone of contention however is whether Stanbic IBTC properly disclosed these accruals into its account which is what the FRCN is investigating.

    The accruals he said, “must be disclosed properly and they (Stanbic IBTC) require NOTAP approvals before they can make those payments. Now the person petitioning is saying that there is no need making those accruals because IBTC has not being able to secure NOTAP approval.”

    Obazee maintained that “the petition kept coming and then we invited Stanbic IBTC to hear their side of the matter. And having listened to their side of the story, we believe that the petitioners have a good case.”

    In line with its investigation, the FRCN chief said the Council will be meeting with regulatory agencies, such as the “NOTAP which will give the approval, Central Bank of Nigeria as regulator and Security and Exchange Commission because they (Stanbic IBTC) are asking for general mandate for the treatment of third party transactions which we were against because that will not be in line with related party transactions accounting standards.”

    Efforts to reach the Head of Marketing and Corporate Communications at Stanbic IBTC Bank, Mrs. Nkiru Olumide-Ojo were unsucessful as her phone was switched off. However, a source within the bank, who asked not to be named, said the lender cannot comment because the case is in court.

  • Photo: Stanbic IBTC meeting in Abuja

    Photo: Stanbic IBTC meeting in Abuja

    L-R COMPANY SECRETARY,STANBIC IBTC, MR CHIDI OKEZIE;CHAIRMAN, MR ATEDO PETERSIDE; THE CHIEF EXECUTIVE, SOLA DAVID-BORHA AND NON EXECUTIVE DIRECTOR, MR DOMINIC RUYNSEELS, AT THE STANBIC IBTC GENERAL MEETING IN ABUJA ON THURSDAY
    L-R COMPANY SECRETARY,STANBIC IBTC, MR CHIDI OKEZIE;CHAIRMAN, MR ATEDO PETERSIDE; THE CHIEF EXECUTIVE, SOLA DAVID -BORHA AND NON EXECUTIVE DIRECTOR, MR DOMINI RUYNSEELS, AT THE STANBIC IBTC GENERAL MEETING IN ABUJA ON THURSDAY
    L-R CHAIRMAN, STANBIC IBTC, MR ATEDO PETERSIDE; THE CHIEF EXECUTIVE, SOLA DAVID-BORHA AND NON EXECUTIVE DIRECTOR, MR DOMINIC RUYNSEELS, AT THE STANBIC IBTC GENERAL MEETING IN ABUJA ON THURSDAY
    L-R CHAIRMAN, STANBIC IBTC, MR ATEDO PETERSIDE; THE CHIEF EXECUTIVE, SOLA DAVID-BORHA AND NON EXECUTIVE DIRECTOR, MR DOMINIC RUYNSEELS, AT THE STANBIC IBTC GENERAL MEETING IN ABUJA ON THURSDAY
    SHARE HOLDERS VOTING AT THE STANBIC IBTC EXTRA-ORDINARY GENERAL MEETING IN ABUJA ON THURSDAY
    SHARE HOLDERS VOTING AT THE STANBIC IBTC EXTRA-ORDINARY GENERAL MEETING IN ABUJA ON THURSDAY
  • Stanbic IBTC eyes N20.4b rights issue

    Stanbic IBTC eyes N20.4b rights issue

    The Stanbic IBTC aims to offer a N20.4 billion ($102.6 million) rights issue this year. It will also seek shareholders’ vote to distribute a scrip dividend to boost its capital base, the lender said.

    The bank’s Chief Executive Officer, Mrs. Sola David-Borha, said she was expecting increased regulatory pressure to weigh on industry profits this year, and that the bank has revised its 2015 loan growth down to 10 per cent, to match the lower-end of its guidance range.

    The mid-tier lender said its South African parent bank, Standard Bank, was supportive of the cash call and that a price for the share sale would be set after regulatory approvals are received.

    Mrs. David-Borha said the group is seeking to raise N20.4 billion in rights issue to support its planned growth opportunities as well as business risks and contingencies.

    Meanwhile, the lender has unveiled its six months unaudited results for the period ended 30 June 2015, with gross earnings put at N68.3 billion, representing an increase of 11 per cent over the N61.7 billion recorded in the comparable period of last year.

    According to the result which was presented at the Nigerian Stock Exchange in Lagos, Profit Before Tax (PBT) during the period, stood at N9.5 billion, while Profit After Tax (PAT) was N9.6 billion. Total assets went up nine per cent to N1.03 trillion from N944.5 billion in December 2014.

    The Group maintained adequate capital to support its business in the first-half of the year which is well above the regulatory requirement. The group’s total capital adequacy ratio closed the period at 15.3 per cent (Bank 13.9 per cent), while the tier 1 capital adequacy ratio, stood at 12.6 per cent (Bank 10.6 per cent). These ratios are well above the 10 per cent minimum statutory requirement.

    “Stanbic IBTC’s performance recorded in the first half of 2015 was characterised by steady growth in its balance sheet whilst our strong focus on cost containment helped to mitigate the impact of rising cost of funds and credit impairments on our operating performance,” she stated, adding: “Our focus for the rest of 2015 is to reduce cost of funds and continue to resolve impaired risk assets to ensure increased profitability by year end. We remain optimistic that we can achieve these goals.”

  • Stanbic IBTC rewards promo winners with cash prizes

    Stanbic IBTC rewards promo winners with cash prizes

    Stanbic IBTC Bank has given out a total sum of N4.22 million in prize money to 16 lucky winners of its Visa Gold Credit card promo titled Spend-and-Win.

    The promo, which was in conjunction with Visa, ran between May and June 2015. To ensure transparency, the draws were done electronically and in batches, with eight winners each picked for May and June.

    Executive Director, Personal and Business Banking, Obinnia Abajue, explained that the lender has high regards for its customers and is using the promo to appreciate their patronage and loyalty over time.

    “The Visa Gold Credit card promo is our way to say thank you to our faithful customers who continue to add to our bottom line through their patronage and loyalty. It is also part of the bank’s effort to encourage usage of cards as a preferred method of payment for goods and services,” Abajue said.

    Head, Cards, Stanbic IBTC, Ademola Adeniran, said only Stanbic IBTC Bank Visa Gold credit cardholders with credit limits of N750,000 and below are qualified to participate in the promo. “Participating cardholders must spend over 50 percent of their credit limit in the calendar month in Nigeria or abroad to stand a chance of winning back the entire spend,” Adeniran stated.

  • Stanbic IBTC posts N68b gross revenue in Q2

    Stanbic IBTC Holdings Plc has announced its six months unaudited results for the period ended 30 June 2015, with gross earnings at N68.3 billion, an increase of 11 per cent over the N61.7 billion recorded in the comparable period of last year.

    According to the result, which was presented at the Nigerian Stock Exchange in Lagos, profit before tax during the period stood at N9.5 billion, while profit after tax was N9.6 billion. Total assets went up by nine percent to N1.03 trillion from N944.5 billion in December 2014.

    The Group maintained adequate capital to support its business in the first half of the year which is well above the regulatory requirement. The group’s total capital adequacy ratio closed the period at 15.3 percent (Bank 13.9 per cent), while the tier 1 capital adequacy ratio stood at 12.6 per cent (Bank 10.6 per cent). These ratios are well above the 10 percent minimum statutory requirement.

    Chief Executive Officer, Stanbic IBTC Holdings Plc, Mrs. Sola David-Borha, stated that the group is seeking to raise N20.4 billion in rights issue to support its planned growth opportunities as well as business risks and contingencies.

    “Stanbic IBTC’s performance recorded in the first half of 2015 was characterised by steady growth in its balance sheet whilst our strong focus on cost containment helped to mitigate the impact of rising cost of funds and credit impairments on our operating performance,” she stated, adding that “our focus for the rest of 2015 is to reduce cost of funds and continue to resolve impaired risk assets to ensure increased profitability by year end. We remain optimistic that we can achieve these goals.”

    Following the adoption of the holding company structure in 2012, the operating subsidiaries of Stanbic IBTC Holdings Plc are Stanbic IBTC Bank (including Stanbic Nominees Nigeria Limited), Stanbic IBTC Pension Managers Limited, Stanbic IBTC Asset Management Limited, Stanbic IBTC Stockbrokers Limited, Stanbic IBTC Trustees Limited, Stanbic IBTC Ventures Limited, Stanbic IBTC Capital Limited, Stanbic IBTC Investments Limited, Stanbic IBTC Capital Limited, and Stanbic IBTC Investments Limited.

  • Stanbic IBTC declares N9b interim dividend

    Stanbic IBTC declares N9b interim dividend

    The board of Stanbic IBTC Holdings Plc has recommended distribution of N9 billion as interim dividend on the first half earnings of the holding company. Shareholders on the register of the company as at July 31, 2015 will receive a dividend per share of 90 kobo. The dividend will become payable on August 28, 2015.

    The dividend recommendation was part of the highlights of the first-half earnings report of the company released yesterday, which showed 11 per cent growth in gross income and steep decline of 40 per cent in net profit.

    Key extracts of the six-month accounts and report for the period ended June 30, 2015 showed that gross earnings rose to N68.30 billion in first half 2015 as against N61.72 billion in comparable period of 2014. Profit before tax however dropped by 52 per cent from N19.95 billion to N9.54 billion. Profit after tax also declined by 40 per cent to N9.70 billion in 2015 as against N16.18 billion in comparable period of 2014. Earnings per share dropped from N1.48 in first half of 2014 to 80 kobo in first-half of 2015.

    The company’s balance sheet meanwhile emerged stronger with 22 per cent growth in customers’ deposits within the six-month period. Total assets closed June 30, 2015 at N1.03 trillion as against N944.54 billion recorded by the year ended December 31, 2014, representing an increase of nine per cent. Customers’ deposits rose by 22 per cent from N494.94 billion in December 2014 to N601.73 billion in June 2015. Total liabilities rose by 10 per cent from N830.27 billion to N911.17 billion. Shareholders’ funds also increased by eight per cent from N110.05 billion to N118.76 billion.

    Stanbic IBTC Holdings’ share price rose by 1.05 per cent to N25.01 per share yesterday at the Nigerian Stock Exchange (NSE), playing the contrarian stock as the downtrend at the stock market continued. The NSE Banking Index dropped by 1.3 per cent, ahead of the 0.82 per cent decline recorded by the overall benchmark index, the All Share Index (ASI).

    Average-year-to-date return at the NSE thus worsened to -8.34 per cent, extending the recent sustained decline to its eighth seventh consecutive trading session. There were 16 gainers against 33 losers. Forte Oil topped the losers’ list with a drop of N9.74 to close at N185.24. Guinness Nigeria dropped by N7.31 to close at N138.93 while Seplat Petroleum Development Company dipped by N4.89 to close at N330.11 per share.

     

  • Stanbic IBTC to publish list of loan defaulters

    Stanbic IBTC to publish list of loan defaulters

    Stanbic IBTC said yesterday it will publish the list of loan defaulters in line with a new directive by the Central Bank of Nigeria (CBN).

    Stanbic IBTC would be among the first banks to publish such a list after the regulator ordered lenders in April to crack down on non-performing loans to forestall a repeat of a 2009 industry bailout that cost the government $4 billion.

    The new plan requires banks to give bad debtors three months to square their accounts, following which they would be named in the media and barred from taking part in currency and government debt markets in Africa’s biggest economy.

    Stanbic said in a statement that in addition to publishing a list of defaulters by the end of August, it would also use legal and other means to recover non-performing loans.

    While issuing its order, the central bank did not give an estimate of the level of non-performing loans held by banks. In 2009, the central bank rescued several banks that had lent mainly to the oil and gas sector just before crude prices collapsed, triggering a near-collapse of eight commercial banks.

  • Mergers & acquisitions: We ‘re in business to grow, says Stanbic IBTC

    Stanbic IBTC Bank, Nigeria’s largest wholesale banker, may not have immediate need for mergers or acquisitions but it will not ignore viable opportunities to support its growing business.

    Chief executive officer, Stanbic IBTC Bank, Mr. Yinka Sanni, who gave this indication in a media chat, said the immediate concern of the management of the bank, which is aggressively rolling out to deepen its emerging retail and commercial lending business, is to continue to grow its existing business.

    He however noted that the bank might consider opportunities for mergers and acquisitions if they occur in the course of its business and fit into the growth outlook of the bank.

    “I couldn’t confirm that, we are in the business to grow, we look for opportunities. Our core focus is to continue to grow our existing business,” Sanni said when asked about a report about future mergers and acquisitions in the banking industry.

    Exotix Partners LLP, a global finance and investment firm with offices in major global financial centres and significant imprints in Africa, in a recent report said a certain bank could be a target for acquisition or merger, echoing similar belief by many analysts that there could still be further consolidation in the Nigerian banking industry. Exotix Partners coordinates its global operations through five major offices in London, New York, Lagos, Dubai and Nairobi.

    Sanni said Stanbic IBTC would continue to play its leading role in Nigerian corporate finance industry noting that the bank would continue to make its services available to financial and non-financial institutions seeking to raise funds, acquire or combine their businesses.

    There were two main acquisitions in the banking industry in 2014. Skye Bank Plc acquired the entire issued shares of Mainstreet Bank Limited from Asset Management Corporation of Nigeria (AMCON) for total consideration of N120 billion, the second largest mergers and acquisitions transaction during the year.

    Also, HBCL Investment Services Limited acquired 100 per cent equity stake in Enterprise Bank Limited from Restructuring Company Limited and Eligible Securities Limited.

    The Nation recently reported that there were 24 mergers and acquisitions in Nigeria in 2014, citing official data obtained from Securities and Exchange Commission (SEC). The mergers and acquisitions industry continued to be driven largely by the continuing divestments by banks from non-core financial services.

    Mergers and acquisitions within the period were highlighted by major transactions such as the business combination between Nigerian Breweries and Consolidated Breweries, the acquisition of Mainstreet Bank Limited by Skye Bank Plc and acquisition of ConocoPhillips Nigeria’s business by Oando Energy Resources, a subsidiary of Oando Plc.

    The biggest transaction was the acquisition of Nigerian businesses of ConocoPhillips (COP) by Oando in a transaction valued at $1.55 billion. In December 2012, Oando, through its subsidiary Oando Energy Resources (OER), had entered into an agreement with COP to acquire COP’s Nigerian businesses for a total cash consideration of US$1.55 billion. The payment and government sign-off of the deal was concluded in 2014.

    The report underlined the ongoing divestments by banks as major drivers for mergers and acquisitions with nearly half of the transactions directly and indirectly related to the change in banking regulatory framework. Most banks are divesting from non-core financial services as stipulated by the Scope of Banking Activities and Ancillary Matters No 3, 2010, which requires banks to fully concentrate on core banking functions.

    Veritas Registrars Limited acquired 658.3 million ordinary shares, about 45.4 per cent equity stake, in Zenith General Insurance Limited from Zenith Bank Plc. Stacap Limited acquired 100 per cent equity stake in Union Capital Markets Limited, a subsidiary of Union Bank of Nigeria Plc. Also, Greenoaks Global Holdings acquired 6.97 billion ordinary shares or 92.75 per cent equity stake in Union Assurance Company Plc from Union Bank of Nigeria Plc and its subsidiaries, including Union Homes, UBN Properties, Union Trustees and William Street Trustees.

    Quad Capital Limited acquired FinBank Securities and Asset Management Limited, Oriental Capital Asset Management Limited acquired 100 per cent equity stake in FINBANK Insurance Brokers Limited, Capital Alliance Private Equity III Limited acquired 3.17 billion ordinary shares or 96.11 per cent equity stake in FIN Insurance while Capital Limited acquired 2.50 billion ordinary shares in FinBank Capital Limited.

    Other transactions related to the banks’ divestments included Kaizen Partners Nigeria’s acquisition of the entire issued shares of Diamond Capital and Financial Markets Limited and Diamond Securities Limited, acquisition of 50 million or 100 per cent equity stake of Citadel Registrars by Union Registrars Limited and acquisition of 54 per cent equity interest in Kakawa Discount by FBN Capital Limited and simultaneous redistribution of 20 per cent interest to FBN Holdings Limited.

    Other acquisitions during the year included acquisition of 334.62 million ordinary shares or 94.7 per cent equity stake in Independent Securities Limited by Butterpot Capital Limited, the acquisition of 25 million ordinary shares of N10 and 29 million preference shares of N10 in SIM Capital Alliance Limited by ACA Holdings Limited from Sanlam Investments Holdings Limited,  and acquisition of 60 per cent equity stake in Penman Pension Limited by Mansard Insurance Plc.

    In major non-finance transactions, Dangote industries Limited acquired 99 per cent equity stake in Dangote Agrosacks Limited from Dangote Flour Mills, Consol Glass Proprietary acquired 51 per cent equity stake in Glassforce Limited, Microsoft Mobile OY acquired 99.998 per cent equity stake in Nokia West Africa and acquisition of 160 million ordinary shares in CUMMINS West Africa Limited by CMI Africa Holdings B.V from Leventis Power Systems Limited.

    The three mergers during the period included the business consolidation between Nigerian Breweries and Consolidated Breweries, the merger between Afriland properties Plc and Heirs real Estate Limited and the combination between Planet Capital limited Emerging and Strategy and Arbitrage Limited.

  • Stanbic IBTC bags CAC compliance award 2015

    Stanbic IBTC Bank Plc at the weekend received the Most Extensive Compliance Award, the star prize for its corporate leadership, sustainability programmes and corporate social responsibility, efforts at the maiden Corporate Affairs Commission, CAC Corporate Citizens Awards in Abuja.

    Access Bank and Zenith Bank Plc each won awards in the More Extensive Compliance category while the United Bank for Africa Plc., Asha Microfinance Bank Limited and Lafarge Africa Plc received the Extensive Compliance awards respectively.

    The Above Basic Compliance category winners are the Leadway Assurance Limited and Nigerian Breweries Plc while the Basic Compliance award was won by the Yobe Investment & Securities Limited.

    The Minister of Industry, Trade and Investment, Olusegun Aganga noted that the purpose of the award is to promote the culture of good statutory compliance in Nigeria by recognising and honouring corporate citizens who have distinguished themselves in the conduct of their businesses.

    He said, “Such corporate citizens must have complied with all statutory requirements and best practices of corporate governance. The guiding principle for the award is to create a conducive and enabling environment for business growth, ensure greater efficiency, openness and transparency in business. The overall commitment is to change the focus in doing business in Nigeria with a view to stimulating the growth of domestic economy.”