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Tag: Stanbic IBTC

  • Stanbic IBTC nets N19.2b in first quarter

    Stanbic IBTC Holdings recorded mixed performance in the first quarter of 2019 as marginal growth in the top-line compressed into a decline in the bottom-line.

    Interim report and accounts of the financial services group for the three-month period ended March 31, showed that gross earnings increased to N58.69 billion in first quarter 2019 as against N57.39 billion in comparable period of 2018. Profit before tax however dropped from N26.69 billion to N23.51 billion, while profit after tax slipped from N23.07 billion to N19.15 billion. Earnings per share consequently dropped from N2.23 to N1.81.

    The results showed that the group’s liquidity position remained robust. Liquidity ratio increased to 130.06 per cent compared with the 110.68 per cent achieved in December 2018, well above the regulatory minimum requirement of 30 per cent.

    Stanbic IBTC Holdings Plc Chief Executive Mr Yinka Sanni said the slowdown in economic activities as well as socio-political environment impacted the first quarter results.

    According to him, the operating environment in the first quarter of the year was challenging, evidenced by the slowdown in economic activities that were impacted by the socio-political environment leading to muted client activity. These factors affected the growth pace of the overall business volumes and earnings.

    He noted that the group achieved a resilient performance, despite the challenging environment, expressing optimism that the group is well positioned to take advantage of economic activities as the macroeconomic position improves.

    “We will continue to leverage our universal financial services capability to ensure delivery on our guidance for 2019,” Sanni said.

    Stanbic IBTC Holdings had 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 celebrates gender-balanced workforce

    Stanbic IBTC has again highlighted its resolve to maintain a gender-balanced workforce to ensure it continues to provide quality financial services to clients.

    The pledge was given at the 2019 Stanbic IBTC Blue Women Network (BWN) fifth-anniversary event held in Lagos.

    The BWN, inaugurated five years ago, has consistently organised the BWN event to commemorate the yearly International Women’s Day (IWD) celebrations. The 2019 IWD theme: #BalanceForBetter, was a significant opportunity for Stanbic IBTC to celebrate its gender-balanced workforce and to promote same in society.

    The Chief Executive, Stanbic IBTC Holdings Plc, Yinka Sanni, in his opening speech at the BWN event, said Stanbic IBTC was proud to showcase not only its equal opportunity policy, but also its efforts to promote a gender-balanced workplace in society. “In our 30-year history, we have always insisted on equal opportunity. We have also continued to lead the charge in empowering women. This gives me joy and is something that we are fully committed to as an organisation,” Sanni said.

    Read also: Stanbic IBTC Pensions, others get ISO certifications

    According to the CE, “I am pleased to let you know that Standard Bank Group has recently joined hands with ‘HeForShe’ (UN Women Solidarity Movement for Gender Equality). Our Group Chief Executive, Sim Tshabalala, is amongst other African leaders who have already signed up as a ‘HeForShe’ Impact Champion.” On March 8, the official International Women’s Day, Stanbic Bank made a bold statement by changing the colour of its logos from blue to magenta, colour of the UN Women HeForShe brand, on the vast majority of its digital platforms, he added.

  • Stanbic IBTC, Eland Oil and Gas in N18b deal

    Stanbic IBTC Holdings and its parent company, Standard Bank Group of South Africa, have partnered with Eland Oil & Gas, on a new accordion facility and increased borrowing base of $50 million (about N18 billion).

    The facility is being underwritten by Stanbic IBTC Bank and Standard Bank while Stanbic IBTC Capital Limited will act as a joint bookrunner. An accordion facility is essentially an incremental facility, which allows a borrower to take an additional facility over and above what was originally agreed with the financier on the same terms as the original facility for expansion purposes.

    In November 2018, Eland Oil & Gas, an oil and gas production and development company operating in West Africa with an initial focus on Nigeria, had announced that it had successfully refinanced its existing reserve-based lending facility with a new five-year syndicated RBL facility in an amount of $75 million, with the option to increase it to up to $200 million via an accordion, subject to incremental production and reserves.

    Stanbic IBTC stated that the deal was an opportunity to support Eland Oil & Gas’ business expansion drive in the oil and gas industry.

    Stanbic IBTC stated that it would continue to leverage its excellent investment banking pedigree as well as the strength of its franchise in the Standard Bank Group, the largest financial institution in Africa, to consummate such big ticket deals that will not only help businesses grow but also help deepen key industries.

    Stanbic IBTC reiterated its commitment, in line with the Stanbic IBTC Group’s value proposition and investment banking pedigree, to continue to assist businesses with high quality advisory and arranging services that will enhance their growth and expansion prospects by providing access to a diverse range of financing options.

    The oil and gas company announced that following a redetermination, the borrowing base amount increased from $103 million to $134 million and an initial accordion increase of $50 million is being underwritten by Standard Bank of South Africa and Stanbic IBTC Bank PLC, resulting in the commitments under the facility increasing from $75 million to $125 million. Of the commitments, $50 million is currently drawn.

    Chief Financial Officer, Eland Oil & Gas, Ron Bain, who spoke on the deal, said the large increase in borrowing base on the company’s RBL facility, demonstrates the hugely accretive quality of the new wells drilled on the OML 40 asset and the growth in value they bring to shareholders.

    “Since refinancing the RBL in 2018 into a longer-term facility, we have the flexibility to diversify the capital structure of the company leveraging our position comfortably within our debt parameters and lowering the overall cost of capital,” Bain said.

    Standard Advisory London Limited and Stanbic IBTC Capital Limited, as bookrunners, have been mandated to manage the primary syndication of the initial accordion increase. Principal repayments are expected to commence in the fourth quarter of 2019. This is consistent with the statement in the November RNS that there is a one-year grace period on principal repayments from execution of the facility, which occurred last November.

  • Stanbic IBTC, Eland Oil & Gas in N18b deal

    Stanbic IBTC Holdings and its parent company, Standard Bank Group of South Africa, have partnered with Eland Oil & Gas, on a new accordion facility and increased borrowing base of $50 million, about N18 billion.

    The facility is being underwritten by Stanbic IBTC Bank and Standard Bank while Stanbic IBTC Capital Limited will act as a joint bookrunner. An accordion facility is essentially an incremental facility, which allows a borrower to take an additional facility over and above what was originally agreed with the financier on the same terms as the original facility for expansion purposes.

    In November 2018, Eland Oil & Gas, an oil and gas production and development company operating in West Africa with an initial focus on Nigeria, had announced that it had successfully refinanced its existing reserve-based lending facility with a new five-year syndicated RBL facility in an amount of $75 million, with the option to increase it to up to $200 million via an accordion, subject to incremental production and reserves.

    Stanbic IBTC stated that the deal was an opportunity to support Eland Oil & Gas’ business expansion drive in the oil and gas industry.

    Stanbic IBTC stated that it would continue to leverage its excellent investment banking pedigree as well as the strength of its franchise in the Standard Bank Group, the largest financial institution in Africa, to consummate such big ticket deals that will not only help businesses grow but also help deepen key industries.

    Stanbic IBTC reiterated its commitment, in line with the Stanbic IBTC Group’s value proposition and investment banking pedigree, to continue to assist businesses with high quality advisory and arranging services that will enhance their growth and expansion prospects by providing access to a diverse range of financing options.

    The oil and gas company announced that following a redetermination, the borrowing base amount increased from $103 million to $134 million and an initial accordion increase of $50 million is being underwritten by Standard Bank of South Africa and Stanbic IBTC Bank PLC, resulting in the commitments under the facility increasing from $75 million to $125 million. Of the commitments, $50 million is currently drawn.

    Chief Financial Officer, Eland Oil & Gas, Ron Bain, who spoke on the deal, said the large increase in borrowing base on the company’s RBL facility, demonstrates the hugely accretive quality of the new wells drilled on the OML 40 asset and the growth in value they bring to shareholders.

    “Since refinancing the RBL in 2018 into a longer-term facility, we have the flexibility to diversify the capital structure of the company leveraging our position comfortably within our debt parameters and lowering the overall cost of capital,” Bain said.

    Standard Advisory London Limited and Stanbic IBTC Capital Limited, as bookrunners, have been mandated to manage the primary syndication of the initial accordion increase. Principal repayments are expected to commence in the fourth quarter of 2019. This is consistent with the statement in the November RNS that there is a one-year grace period on principal repayments from execution of the facility, which occurred in November 2018.

     

     

  • 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, EDC partner on agribusiness

    Stanbic IBTC Bank PLC is partnering the Enterprise Development Centre (EDC) at the Lagos Business School to build capacity for agribusinesses.

    Both institutions will hold a capacity building series tagged Agri-Business Small and Medium Enterprises Investment Scheme (AGSMEIS) to build capacity for agribusiness ecosystem in the country.

    The course content will include essential topics such as Understanding your Market (Competition Analysis, Marketing Plan, Segmentation), Operation and Business Model, Business Plan (Template review and Development) and Understanding the AGSMEIS Application Process Pitching Activity.

    The bank, renowned for its support for the Small and Medium Scale Enterprises (SME) sector, announced that its AGSMEIS capacity training, which started on February 26 would end on March 6.

    It also offers a wide array of banking solutions as well as funding, skills acquisition and other support to the SME sector.

    The AGSMEIS is an initiative of the Bankers’ Committee to provide support to and complement the Federal Government’s efforts at promoting Agri-businesses/Small and Medium Enterprises as a vehicle for sustainable economic development and employment generation.

    Head, Enterprise Banking, Stanbic IBTC Bank Plc, Ayodele Ojosipe, reiterated the bank’s commitment to providing the right support and solutions for individuals and businesses to achieve their goals.

    “Stanbic IBTC’s commitment to building capacity among enterprises stems from its deep understanding of the important role enterprises play in providing linkages to industries, employment generation and driving growth of the economy,” he stated.

  • Success tips for youths at Stanbic IBTC leadership forum

    Award winning filmmaker, Kemi Adetiba, innovator, agriculturist, and entrepreneur, Onyeka Akumah, and  programmer and a CNN Heroes award winner, Abisoye Ajayi-Akinfolarin, over the weekend in Lagos shared valuable success tips with an appreciative audience at the 2019 Stanbic IBTC Youth Leadership Series (YLS).

    Stanbic IBTC said the youth empowerment motivational series was conceived as a way to energize, through deeper engagement, the entrepreneurial spirit in young Nigerians while helping to build the next generation of leaders. Chief Executive, Stanbic IBTC Holdings PLC, Mr. Yinka Sanni, said the YLS is a platform to engage the youth, a critical and vibrant segment of the population that will not only help to drive its sustainability but also help shape the future of the nation.

    “It is clear to us that sustainability of our brand is very important. However, we do appreciate that our future is closely woven with that of the energetic, innovative and hard working Nigerian youth. It has been from the very beginning considering that the Stanbic IBTC brand, which is 30 years this February, was set up in 1989 by an innovative and audacious 33-year old Nigerian, Mr Atedo Peterside,” Sanni said while welcoming participants to the event. “Where others see young millennials, we see business leaders, successful entrepreneurs; we see scholars, innovators, and high profile professionals with whom we are honoured to partner,” Sanni added.

    According to Sanni, Stanbic IBTC’s youth-centric focus is evident in its support for a number of initiatives directed at the youth as well as its establishment of programmes such as the YLS that help to engage the youth at a deeper level. Some of such initiatives include the Stanbic IBTC innovation lab in Yaba, Lagos, set up to support techpreneurs, financial technology firms and startups; sponsorship of the Higher Institution Football League and being a major sponsor of the yearly Social Media Week, among other youth-oriented initiatives.

    The three speakers, Akumah, Ajayi-Akinfolarin and Adetiba, agreed that the most important ingredient for success is knowledge acquisition through education. Ajayi-Akinfolarin narrated how she defied her parents and risked her life in her quest to be educated. The need to hone one’s skill(s) is also critical. Their ability to identify their passion early on and work on them propelled the trio to success. For Kemi, she had a flair for entertainment, despite her training as a lawyer. It was coding/programming for Abisoye and farming for Onyeka. According to the trio, success is not instantaneous but with hard work, focus, resilience and a positive attitude, success is guaranteed.

  • Stanbic IBTC to empower youth with tech

    Frontline financial services provider, Stanbic IBTC, said it will continue to leverage technology to empower youth for sustainable economic development.

    The lender, which unveiled its strategic objectives ahead of the Lagos Social Media Week, which it is sponsoring, said rather than leveraging the annual platform to sell, it will be highlight the tools and basics of formal career development, entrepreneurship drive and business management that will create wealth  and secure a promising future for the youth.

    The yearly conference and exhibition will hold between February 4 and 8. It has With great influence comes great responsibility as theme. The event, renowned for eliciting interesting conversations and bringing together diverse perspectives, has gained popularity as a platform to discuss the most productive ways to harness social platforms to drive thought and innovation, improve consumer experiences and foster collaborations.

    The Chief Executive, Stanbic IBTC Holdings Plc, Mr. Yinka Sanni, said the organisation’s participation and sponsorship of the forum was an expression of its determination and commitment to availing young, vibrant  youths, irrespective of background and position in life, requisite mentorship and guidance to help them achieve their goals and aspirations.

    He added that this essential career management, wealth creation and preservation tools, principles and basics, undoubtedly, transcends financial knowledge and status.

    Sanni said the lender will showcase some renowned resource persons, including career counselling and employability training specialist, Dr. Dipo Awojide, a Lecturer in Strategy at the Nottingham Business School, United Kingdom and founder of the BeenThereDoneThat Hub (BTDT Hub), who has built a global reputation in career coaching and counselling.

    According to the organisers, the forum will focus on ideas, trends, insights, inspiration to help both individuals and businesses across the creative, technology and financial industries understand how to achieve more in a hyper-connected world and engender good business practices and policies that leverage technology to transform industries and communities across Africa. The event also features a mixture of keynotes, panels, workshops, masterclasses and presentations on a wide range of topics, including business, entertainment, education, technology and politics, all aimed at advancing the use of social media, and an area dedicated to co-working and interactive installations.

    Also featuring are genuine success case studies to reinforce and underpin the importance of key career growth attributes like dedication, consistency, proactivity, resilience, adaptability, positivity, hard work, etc. and wealth generation experts amongst other keynote speakers.

    “I hereby use this opportunity to invite members of the general public, especially the young, vibrant and enterprising and the larger social community to join us at Social Media Week Lagos 2019, as we promise all our guests a very enriching interaction and engagement,” Sanni said.

     

     

  • Stanbic IBTC plans youth leadership forum

    Three outstanding young Nigerians will be headlining the 2019 Stanbic IBTC Youth Leadership Series (YLS), which holds on February 1,  in Lagos. The are Kemi Adetiba, filmmaker and music video/television director; Onyeka Akumah of FarmCrowdy, innovator, agriculturist, and entrepreneur; and Abisoye Akinfolarin, programmer and software expert of the girl coding fame and a CNN Heroes award nominee.

    Stanbic IBTC had said the youth empowerment motivational series was conceived as a way to energise, through deeper engagement, the entrepreneurial spirit in young Nigerians while helping to build the next generation of leaders.

    Chief Executive, Stanbic IBTC Holdings Plc, Yinka Sanni, said the YLS is a platform to engage the youth, a critical and vibrant segment of the population that will drive the economic growth and development of the nation into the future.

    “A youthful population like ours demands that we put in the required efforts to mentor, inspire and guide that segment of our population, who are very critical to nation building, to navigate the many hurdles in their path in a way to help them attain their goals and actualize their full potential,” Sanni said. According to him, Stanbic IBTC will continue to lead the line in developing innovative ways to engage the key segments of the economy for business growth, deepening of the financial services industry and for national prosperity.

    “Through the experiences and achievements of these extraordinary young people, we hope to inspire, motivate and provoke the can-do spirit of our youth community and imbue them with the strength of character and doggedness to never give up but to constantly aspire to attain their full potential in life,” Sanni added.

    Stanbic IBTC, Sanni said, will, in line with its brand promise of enabling people and businesses make real progress – “Moving Forward”, demonstrate, using real life examples, experiences, and moving stories of three different but very remarkable young Nigerians, why notwithstanding challenges, giving up should never be an option.

    The inaugural edition of the YLS, tagged #AgainstTheOdds, held last year and equally featured three remarkable Nigerians with very unique and inspiring experiences that defined their personalities.

     

     

  • Stanbic IBTC to empower youth with tech

    Frontline financial services provider, Stanbic IBTC, said it will continue to leverage technology to empower youth for sustainable economic development.

    The lender, which unveiled its strategic objectives ahead of the Lagos Social Media Week, which it is sponsoring, said rather than leveraging the annual platform to sell, it will be highlight the tools and basics of formal career development, entrepreneurship drive and business management that will create wealth  and secure a promising future for the youth.

    The yearly conference and exhibition will hold between February 4 and 8. It has With great influence comes great responsibility as theme. The event, renowned for eliciting interesting conversations and bringing together diverse perspectives, has gained popularity as a platform to discuss the most productive ways to harness social platforms to drive thought and innovation, improve consumer experiences and foster collaborations.

    The Chief Executive, Stanbic IBTC Holdings Plc, Mr. Yinka Sanni, said the organisation’s participation and sponsorship of the forum was an expression of its determination and commitment to availing young, vibrant  youths, irrespective of background and position in life, requisite mentorship and guidance to help them achieve their goals and aspirations.

    He added that this essential career management, wealth creation and preservation tools, principles and basics, undoubtedly, transcends financial knowledge and status.

    Sanni said the lender will showcase some renowned resource persons, including career counselling and employability training specialist, Dr. Dipo Awojide, a Lecturer in Strategy at the Nottingham Business School, United Kingdom and founder of the BeenThereDoneThat Hub (BTDT Hub), who has built a global reputation in career coaching and counselling.

    According to the organisers, the forum will focus on ideas, trends, insights, inspiration to help both individuals and businesses across the creative, technology and financial industries understand how to achieve more in a hyper-connected world and engender good business practices and policies that leverage technology to transform industries and communities across Africa. The event also features a mixture of keynotes, panels, workshops, masterclasses and presentations on a wide range of topics, including business, entertainment, education, technology and politics, all aimed at advancing the use of social media, and an area dedicated to co-working and interactive installations.

    Also featuring are genuine success case studies to reinforce and underpin the importance of key career growth attributes like dedication, consistency, proactivity, resilience, adaptability, positivity, hard work, etc. and wealth generation experts amongst other keynote speakers.

    “I hereby use this opportunity to invite members of the general public, especially the young, vibrant and enterprising and the larger social community to join us at Social Media Week Lagos 2019, as we promise all our guests a very enriching interaction and engagement,” Sanni said.