The chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, has explained why the company has consistently maintained top ratings over the past decade.
Mr Adeniyi, while reacting to the reaffirmation of Stanbic IBTC Holdings’ AAA(nga) rating by Fitch Ratings, with a stable outlook, noted that this consistency has been achieved because of its merger with Standard Bank Group (SBG) of South Africa.
“SBG’s strong integration with Stanbic IBTC, shared branding, and Pan-African strategy significantly contribute to our consistent top ratings.
“Stanbic IBTC Bank also retained its National Short-Term Rating of ‘F1+(nga)’, reflecting our exceptional capacity for timely financial commitments,” he stated.
The latest rating by Fitch is the highest rating on the national scale, marking over 10 consecutive years of maintaining this top-tier rating, underscoring its financial strength and commitment to Nigeria’s economic development.
It further validates Stanbic IBTC’s position as a trusted provider of integrated banking, asset management, pension, stockbroking, Fintech, trusteeship insurance, and investment solutions across Nigeria.
Fitch’s latest rating action reflects the strength of Stanbic IBTC’s operating model, its prudent risk management practices, and its strategic importance to its parent company, SBG, which holds a 67.55 per cent shareholding in Stanbic IBTC.
This remarkable achievement also underscores Stanbic IBTC’s unwavering commitment to financial stability and excellence.
The report highlights Stanbic IBTC’s strong corporate and investment banking franchise, diversified income streams, robust capital generation, and comfortable liquidity coverage. The Bank’s strong earnings are supported by high non-interest income and a wide net interest margin.
Fitch also noted the Group’s effective handling of credit risk, with its impaired loans ratio remaining below regulatory standards at 4.4 per cent, and a high 88 per cent specific loan loss coverage.
Liquidity levels remain comfortable across both local and foreign currencies, and the Bank continues to maintain a reasonable balance between deposits and loan disbursements.
The acting chief executive of Stanbic IBTC, Mr Adekunle Adedeji, said the “milestone speaks to our legacy of excellence, consistency, and long-term focus.”
“Being affirmed at ‘AAA(nga)’ for over a decade by a global rating agency like Fitch speaks volumes about our corporate governance structures, risk controls, and commitment to supporting the Nigerian economy. We are proud of what this means, not just for Stanbic IBTC, but also for our clients, shareholders, and partners,” he added.