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Stanbic IBTC records improvement in key metrics in the first quarter amid yield pressure
Stanbic IBTC, a member of Standard Bank Group, has announced its three months unaudited results for the period ended 31 March 2021.
Commenting on the results, Dr. Demola Sogunle, Chief Executive Stanbic IBTC, said: “The domestic economy remains quite fragile. Negative real returns prevailed in the first quarter as headline inflation continued on the rise, currently above 18% as of March 2021. Economic activities are expected to improve as the authorities take on appropriate actions and business confidence improves. Just recently, in April 2021, the CBN resumed dollar sales to foreign portfolio investors for the first time since December 2020 to clear the backlog of foreign exchange demand.
The Group’s profitability in the first quarter moderated year-on-year due to pressure on trading income: trading activities in our Global Markets business slowed down compared to prior year, operating expenses from regulatory induced charges increased,as well as the continued pressure on risk asset yields. The decline was partly cushioned by the year-on-year improvement in net fee and commission revenue as well as an impairment write-back of ₦155 million in Q1 2021 compared to the charge of ₦1.97billion in prior year. The impairment write-back was due to releases and after write-off recoveries achieved during the quarter.
Again, the diversity of our earnings proved supportive during the period. Wealth’s profitability improved from prior period and provided succour for the contraction in profitability of the Corporate and Investment Banking and the Personal and Business Banking businesses. That said, gross customer loans continued to grow, increasing by 16% from the December 2020 position. The continued loan growth would support margin accretion and ultimately compensate for the pressure on yields. Customer deposits also increased by 6% from the December 2020 position, most of the growth arose from cheap deposits and resulted in further improvement in the CASA ratio to 83.3% (FY 2020: 82.8%), which was positive for our funding costs. Our capital and liquidity positions remained robust in Q1 2021.
Our latest addition, Stanbic IBTC Insurance Limited commenced full operations during the quarter. Our Pension business introduced the Loyalty program, UMatter, to appreciate our esteemed clients. Our Asset Management business launched the Stanbic IBTC Enhanced Short-Term Fixed Income Fund which invests in short term bonds issued by the Government and corporate entities. We are committed to achieving our Full Year 2021 Guidance.”
Financial highlights
Income statement
- Gross earnings of ₦45.7 billion, representing 26% decrease (Q1 2020: ₦61.4 billion)
- Net interest income of ₦15.9 billion, down 14% (Q1 2020: ₦18.5 billion)
- Non-interest revenue of ₦23.1 billion, down 29% (Q1 2020: ₦32.6 billion)
- Total operating income of ₦38.9 billion, down 24% (Q1 2020: ₦51.2 billion)
- Profit before tax of ₦12.1 billion, down 50% (Q1 2020: ₦24.4 billion)
- Profit after tax of ₦11.3 billion, down 45% (Q1 2020: ₦20.6 billion)
- Cost to income ratio of 69.2% (Q1 2020: 48.4%)
- Return on average equity (annualised) 11.6%
- Return on average assets (annualised) 1.7%
Financial position
- Total assets increased by 3% to ₦2.569 trillion (December 2020: ₦2.486 trillion)
- Gross loans & advances up 16% to ₦762.7 billion (December 2020: ₦655.3 billion)
- Non-performing loans increased by 3% to ₦27.2 billion (December 2020: ₦26.5
billion)
- Non-performing loan to total loan ratio of 3.6% (December 2020: 4.0%)
- Customer deposits increased by 6% to ₦867.0 billion (December 2020: ₦819.9
billion)
- Deposit mix improved to 83.3% (December 2020: 82.8%) of current-and-savings accounts deposits to total deposits
Capital and liquidity
The Group maintained adequate level of capital during the period. The Group’s total capital adequacy ratio closed at 22.7% (Bank: 17.8%), which is significantly higher than the 10% minimum regulatory requirement.The Group maintained a strong and diversified funding base during the first quarter of 2021. The Group’s liquidity ratio was above the regulatory minimum requirement of 30%, which indicates the Group’s sound position to continue meeting its liquidity obligations in a timely manner.If you have any query, please do not hesitate to contact the undersigned on the numbers listed below:
FOR FURTHER INFORMATION:
Stanbic IBTC Holdings PLC
Idris Toriola (Head, Investor Relations and Strategy) +234 1 422 8501
Kunle Adedeji (Group Chief Financial Officer) +234 1 422 8767.
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GTCO Plc Releases 2026 Half Year Audited Results …….. Reports Profit Before Tax of ₦603.03billion,Pays Interim Dividend of ₦1
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the period ended June 30, 2026, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).
The Group posted a profit before tax of ₦603.03 billion, driven by strong performance recorded on the interest and trading income lines, which grew y-o-y by 7.5% and 24.7%, respectively. The strong earningsrecorded was moderated by a ₦46.2 billion fair value loss recognized in H1–2026, limiting y-o-y growth in PBT to 0.4%.
The Group grew across its asset lines, reinforcing a balance sheet that is well structured, liquid and diversified. This growth was recorded in each jurisdiction where we operate a banking franchise, and across our Payments, Pension and Funds Management businesses.”
Group’s Total assets and shareholders’ funds closed at ₦18.6trillion and ₦3.3trillion, respectively. Capital Adequacy Ratio (CAR) remained very strong, closing at 34.9% (Bank 29.2%), and asset quality improved as evidenced by IFRS 9 Stage 3 Loans which closed at 3.5% and 4.6% % at both Bank and Group Level in H1-2026 (Bank -3.4%, Group 5.0% in FY-2025). Cost of Risk (COR) improved to 0.6% from 2.2% during the same period.
The Group’s Loan book (net) grew marginally by 0.5% from ₦3.13trillion as of December 2025 to ₦3.15trillion in June 2026, converse for improved performance on Deposit liabilities which grew by 10.3% from ₦12.87trillion to ₦14.19trillion during the same period.
Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, said; “Our half year results speak to the strength of what we have built: a resilient franchise, a strong balance sheet and a business that no longer depends on banking alone. Fair value movements weighed on reported earnings, but the core business held firm. Interest and trading income grew, deposits strengthened, and asset quality improved at Group level. The priority now is to execute with discipline and grow responsibly. Digital is our lever for scaling across Banking, Payments, Pension and Funds Management, and for building a more diversified and resilient financial services group.”
Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services Industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 35.9%, Pre-Tax Return on Assets (ROAA) of 6.6%, Capital Adequacy Ratio (CAR) of 34.9% (Bank: 29.2%) and Cost to Income ratio of 31.5%.
GTCO Plc is a leading financial services group with operations across Africa and the United Kingdom. Renowned for its strong corporate governance, innovative financial solutions, and customer-centric approach, the Group provides a wide range of banking and non-banking services including payments, funds management, and pension fund administration. The Group is committed to delivering long-term value to stakeholders while driving growth and development across its markets
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ROAD TO THE CROWN: ZENITH BANK/NBBF WOMEN’S BASKETBALL LEAGUE FINAL 8 SET FOR LAGOS
The road to the 2026 Zenith Bank NBBF Women’s Basketball League title reaches its defining stage as the nation’s top eight teams converge on the Indoor Sports Hall of the National Stadium, Surulere, Lagos, from September 28 to October 3, 2026, for the highly anticipated national Finals.
Emerging from fiercely contested Atlantic and Savannah Conference campaigns, Nigeria Customs, AS Sky Queens, Titans, Air Warriors, MFM, First Bank, Victoria Queens,and Bayelsa Blue Whales have earned their place in the final battle for national honours.
And there is plenty to look forward to.
Last year’s champions, Dolphins Basketball Club, who lifted the trophy after defeating First Bank in the final, will not be in the mix this year after failing to make the top 4 of the Atlantic Conference, leaving the title firmly up for grabs and setting the stage for a new champion to emerge.
But the trophy will be contested by teams with plenty of championship pedigree.
First Bank, last year’s finalist and the most successful team in the history of the competition, arrives with a record nine league titles, while MFM will be looking to draw on its recent dominance after winning back-to-back championships in 2023 and 2024. With both sides among the Final 8, history, experience and ambition will collide as the battle for the crown unfolds.
It is a level of competition that reflects the growth of a league that has, for more than two decades, provided a platform for Nigeria’s best female basketball talents to emerge, compete and develop. At the heart of that journey has been Zenith Bank, the sole sponsor of the National Women’s Basketball League since 2005.
Through its partnership with the Nigeria Basketball Federation (NBBF), Zenith Bank has consistently supported the development of women’s basketball, helping to provide and sustain a competitive platform where talents can be discovered, nurtured and prepared for the highest levels of the sport.
The league has also served as an important pathway to theNational Women Basketball team, D’Tigress, with several players who have featured prominently for Nigeria emerging from the domestic competition. Beyond the national team, the league continues to contribute to youth development by giving young female athletes the opportunity to build confidence, skill, discipline, teamwork and professional sporting careers.
Now, the spotlight turns to Lagos. Which team will grab theopportunity to write a new chapter in the history of Nigerian women’s basketball?
Eight teams. One destination. One crown.
For Zenith Bank, the sponsorship of the Women’s Basketball League represents more than support for a sporting competition. It reflects the Bank’s broader commitment to creating platforms that provide opportunities, develop potential and make a meaningful difference in the lives of young Nigerians.
This commitment extends across several areas of community development, with notable initiatives including:
Through these initiatives and its longstanding support for women’s basketball, Zenith Bank continues to demonstrate that its commitment to society goes beyond banking, with a focus on creating opportunities and contributing to the development of communities and the next generation.
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Subscribe to Dangote Refinery Shares Seamlessly Through Zenith Bank
I
Nigerians at home and in the diaspora seeking to participate in the landmark Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals can subscribe conveniently through Zenith Bank, a receiving bank for the historic transaction and a designated electronic application channel for the offer. Subscription is open through the Zenith Bank website, the Zenith mobile app, internet banking, USSD, corporate internet banking and any Zenith Bank branch nationwide.
Across all of these channels, anchored by Zenith Bank’s network of 456 branches and 84 cash centres, investors enjoy a secure, fast and reliable route into the offer from anywhere in the world, at any hour. Whether the application begins on a phone in London, a laptop in Houston or across the counter of a Zenith banking hall in Lokoja, the path to ownership opens with a few taps and carries the investor smoothly through to completion. Every subscription is linked to the investor’s Bank Verification Number, a seal of identity and security that accompanies each application from submission to allotment. It is service the Zenith way: first-time and seasoned investors alike enjoy a straightforward and fully protected process, and the quiet confidence that their stake in history is processed through Zenith Bank.
Applications open on Monday, 14 September 2026 and run for 30 days, closing on Tuesday, 13 October 2026. According to the prospectus, the shares are offered at ₦525 each, with a minimum subscription of 10 shares, or ₦5,250. The offer seeks to raise ₦2.15 trillion, the largest equity offering ever undertaken on the African continent, and the prospectus further provides that retail investors who subscribe and hold their shares may qualify for bonus shares under the Retail Investor Incentive Programme, subject to regulatory approvals.
Zenith Bank stands ready to make participation effortless for investors who choose to take part. Nigeria’s largest bank by Tier-1 capital and the country’s most profitable bank, Zenith has built its reputation on combining scale with innovation, and that strength is now at the service of every investor in this offer. This is proven ground for the bank: Zenith Bank’s own most recent public offering was executed mainly through digital channels, a demonstration of digital readiness built on the bank’s robust digital infrastructure. That infrastructure has since been strengthened further through a comprehensive technological overhaul, positioning Zenith to serve its retail customers with the same excellence long enjoyed by its corporate clients, precisely the capability an offer of this scale demands.
Within the wider transaction, Quantum Zenith Capital & Investments Limited serves among the joint issuing houses, while Zenith Bank itself provides the secure and dependable channels through which applications are received and processed. Having successfully taken its own landmark offer to the market through digital channels, Zenith brings that same tested infrastructure and experience to the largest equity offering in African history. It is the same combination of financial strength, digital excellence and customer devotion that has earned Zenith Bank recognition year after year as one of Africa’s foremost financial institutions, trusted by millions of customers and by the corporates and governments behind the continent’s biggest transactions.
For over three decades, Zenith Bank has been the trusted gateway to Nigeria’s defining financial moments, and its channels are open for this one. Investors who wish to participate can fund their Zenith Bank account and subscribe through any of the bank’s platforms before the offer closes on 13 October 2026.
Please note that the details of the offer are provided in the prospectus and guided by extant regulations. Zenith Bank serves as a Receiving Bank and electronic application channel for this offer. Investors are advised to carefully read the Prospectus and, where appropriate, seek independent professional advice before making any investment decision.
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