Connect with us

brand

Stanbic IBTC records improvement in key metrics in the first quarter amid yield pressure

Published

on

 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.

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

brand

GTBANK NAMED BEST OVERALL PERFORMING BANK IN NIGERIA IN THE BANKER’S TOP 1000 WORLD BANKS RANKINGS 2026

Published

on

Guaranty Trust Bank Ltd (“GTBank” or the “Bank“), the flagship banking subsidiary of Guaranty Trust Holding Company Plc (“GTCO” or the “Group“), has been named the Best Overall Performing Bank in Nigeria in The Banker magazine’s Top 1000 World Banks Rankings 2026.

The recognition reaffirms GTBank’s position as one of Nigeria’s leading financial institutions and reflects the Bank’s consistent delivery of strong financial performance, operational excellence, and sustainable growth. The rankings evaluate banks globally using audited financial results, assessing institutions across financial strength, operational efficiency, risk management, liquidity, growth, and profitability.

GTBank ranked 1st Overall as best performing Bank and also ranked 1st in Efficiency and Soundness. The Bank secured 2nd place in other metrics such as Return on Risk, Liquidity, Growth, Leverage and Profitability, demonstrating exceptional performance across all major Banking metrics

Speaking on the achievement, Mrs Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Being named the Best Overall Performing Bank in Nigeria by The Banker is a recognition that means a great deal to us, not just because of the prestige of the publication, but because of what it represents; the hard work of our People, the loyalty of our Customers, and the strength we continue to draw from being part of the Group. Ranking 1st in Overall Performance, Efficiency, and Soundness reflects our disciplined approach to banking, the synergies we harness across the GTCO Group, and our relentless focus on delivering real value. We do not take this recognition for granted. It deepens our resolve to keep raising the bar, to serve our customers better every day, and to remain a Bank that consistently delivers value to all its stakeholders, and to the GTCO Group we are proud to belong.”

This recognition reinforces GTBank’s position as one of Africa’s leading Banking franchises and reflects the strength of its business model, disciplined execution, and sustained investment in innovation. It adds to the Bank’s growing portfolio of international accolades and underscores its enduring commitment to delivering exceptional customer experiences, driving sustainable growth, and creating long-term value for customers, shareholders, and the communities it serves.

Continue Reading

brand

GTCO Launches Second Edition of #BeatTheDistance Initiative, Donating 3,000 Bicycles Across Six States in Nigeria

Published

on

Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has announced the 2026 rollout of its social impact initiative called #BeatTheDistance.This is a nationwide intervention aimed at supporting school children in underserved communities through the provision of bicycles to ease their daily commute to school.

Marking the second edition of the initiative, GTCO will distribute 3,000 bicycles to schoolchildren across six states in Nigeria—Ebonyi, Jigawa, Benue, Oyo, Akwa Ibom, and Ekiti. The programme builds on the impact of its inaugural rollout in 2019 and underscores the Group’s commitment to improving access to education through practical, community-focused interventions.

By helping to reduce the transportation challenges faced by students who travel long distances to attend school, the initiative seeks to improve school attendance, support learning outcomes, and create opportunities for young people to pursue their education with greater ease and confidence.

Speaking on the initiative, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr Segun Agbaje, said: “Education remains one of the most powerful tools for transforming lives and creating opportunities. Through the #BeatTheDistance Initiative, we are supporting students whose determination to learn is often tested by the distance they travel each day to access education. By providing these bicycles, our goal is to create an environment where more children can achieve their full potential by reducing fatigue, improving attendance at school, and expanding learning outcomes for children of school age.

He further added: “At GTCO, we believe that meaningful impact comes from addressing real challenges within communities. #BeatTheDistance is one of the ways we are investing in the future by supporting young people and helping to create conditions that enable them to succeed. We remain committed to initiatives that promote inclusion, expand access to opportunities, and contribute to sustainable development.”

The initiative forms part of GTCO’s broader commitment to social impact and sustainable development, particularly in the areas of education, youth empowerment, and community advancement. By helping students spend less time commuting and more time learning, #BeatTheDistance continues to deliver practical support where it is needed most, empowering young people to pursue their education and unlock their full potential.

Continue Reading

brand

ZENITHBANKCHAMPIONSTRADEANDINVESTMENTAT6THCANADA-AFRICABUSINESS CONFERENCE

Published

on

  • ZenithBankPlcreaffirmeditscommitmenttoadvancingtrade,investmentandeconomiccooperation
    betweenCanadaandAfricaastheHeadlineConferenceSponsorofthe6thCanada-AfricaBusiness
    Conference, held on Wednesday, 24 June 2026 at Eko Hotel & Suites, Victoria Island, Lagos.
    OrganisedbytheCanada-AfricaChamberofBusiness,theconferencebroughttogetherahigh-level
    Canadian business delegation representing 31 companies, alongside senior government officials, business
    leaders, investors, policymakers, diplomats and development partners. The gathering set out to strengthen
    commercial relations between Canada and Africa and to position Nigeria as a strategic gateway for Canadian
    businesses seeking opportunities across the continent.
    The Canadian delegation comprised companies and institutions operating across financial services, security,
    mining andcritical minerals,legal andprofessional services, infrastructure, technology, healthcare, education
    and clean energy. Among those present were GardaWorld, Dentons, Baywood Group, Element, Trilliant and
    other leading Canadian enterprises exploring commercial opportunities and strategic partnerships in Nigeria.
    The Executive Director of Zenith Bank Plc, Mr. Akin Ogunranti, who delivered the keynote address on behalf
    of the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, described the conference as a timely
    platform for deepening commercial partnerships between Canada and Africa amid shifting global economic
    realities. He underscored Africa’s readiness to lead the next phase of global economic growth, stressing that
    thecontinent now possessestheinstitutions,policy frameworks andpartnershipsrequiredtoturn its immense
    potential into shared prosperity.
    “The question is not whether Africa is rich in potential. It is whether we can turn that potential into prosperity
    our people can feel. For the first time, the answer is yes, because of the machinery we are now building,” he
    said.
    RepresentingtheGovernorofLagosState,HisExcellencyMr.BabajideSanwo-Olu,thePermanent
    Secretary, Ministryof Commerce, Cooperatives, Trade andInvestment, Mr. Babatunde Onigbanjo,reaffirmed
    the State Government’s commitment to fostering an enabling environment for investment and international
    partnerships, and highlighted Lagos’ position as Nigeria’s commercial hub and gateway to African markets.
    “Canada bringstothe tableconsiderable expertise,capital, innovation,and astrong traditionof institution
    building.Africa,andindeedLagos,offerscale.Weoffertalent,creativity,marketopportunitiesandan
    increasingly sophisticated business environment. Together, these strengths create a compelling foundation
    for transformative partnership,” he said.
    Speaking at the event, the Deputy High Commissioner of Canada to Nigeria, Mr. Carlos Rojas-Arbulú, noted
    thattheconferencereflectsthegrowingmomentuminbilateralcommercialcollaborationbetweenboth
    countries. He said: “The relationship between Canada and Nigeria is not new. It is rooted in diplomacy, trade,
    education,culture,migration,andshareddemocraticvalues.Buttoday,Ibelieveweareenteringanew
    chapter: one that is more ambitious, more practical, and more human.”
  • TheChairoftheBoardoftheCanada-AfricaChamberofBusiness,PaulaCaldwellSt-Onge,highlighted
    Nigeria’sgrowing economic significance,saying: “Nigeria’s growth isnot theoretical.It is alreadybeing built by
    Nigerian entrepreneurs, investors, financial institutions, innovators and companies whose ambition reaches
    across Africa and around the world.”
    She also acknowledged Zenith Bank’s role in advancing the conference’s objectives, stating: “Zenith Bank is
    not only oneof Africa’s leadingfinancial institutions, it isthe capital behindwhat you seehere today, and it
    represents the skill, ambition, discipline, innovation and excellence that this conference seeks to showcase.”
    Theconferencefeaturedhigh-levelpaneldiscussionsonCanada-Africacommercialrelations,investment
    opportunitiesacrossprioritysectors,andtheimplementationoftheAfricanContinentalFreeTrade Area
    (AfCFTA). The sessions brought together policymakers, business executives and industry experts to identify
    practicalpathwaysforstrengtheningcommercialpartnershipsandacceleratingsustainableeconomic
    development.
    The conference is expected to strengthen Nigeria’s attractiveness as a destination for Canadian investment,
    while opening new opportunities for technology transfer, private sector collaboration, job creation and long-
    termeconomicgrowth.ItalsoreinforcesNigeria’spositionasastrategichubforbusinessesseekingto
    access opportunities across Africa under the AfCFTA, supporting the country’s ambition to expand its role in
    regional and global trade.
Continue Reading

Trending

Copyright © 2025 Newsthumb Magazine | All rights reserved