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Stanbic IBTC Holdings PLC (“Stanbic IBTC”) Nine months unaudited group results for the period ended 30 September 2022
Stanbic IBTC Holdings PLC (“Stanbic IBTC”) Nine months unaudited group results for the period ended 30 September 2022
Stanbic IBTC reports Quarter-on-Quarter growth in profit metrics
Stanbic IBTC, a member of Standard Bank Group, has announced its nine months unaudited results for the period ended 30 September 2022.
Commenting on the results, Dr Demola Sogunle, Chief Executive Stanbic IBTC, said:
“We continue to witness growth in our client franchise and key income lines. The Group’s profitability increased by 57% QoQ, largely attributable to impressive growth in net interest income and other revenue sources.
This was supported by lower credit impairment charges and operating expenses when compared with the second quarter. The uplift in net interest income resulted from increase in the volume and yield on risk assets as we sustained our loan growth performance. In addition trading revenue grew by 47% QoQ following the increase in trading activities during the third quarter. Sustained focus on cost optimisation led to 8% QoQ decline in our operating expenses. As such, our cost-to income ratio improved to 56.1% from 59.9% in the first half of the year, and 64.3% in the prior year.
We kicked-off the third quarter with the implementation of initiatives to deliver top notch services to our customers by leveraging digital technology. We entered into a partnership to enhance the Stanbic IBTC SME Banking platform by providing seamless payroll and salary management services to SME Banking customers.
The digital module of the solution is now embedded on Stanbic IBTC’s SME online platform and offers value added services such as free HR services to SME customers for the first three months, salary payment of remote employees while staying compliant to local laws, provision of financial data with detailed analytics, amongst others. We have also seen an increase in the uptake of our customer loyalty programme, PlusRewards which provides exclusive discount offers to Stanbic IBTC card holders at select merchant stores. Our Business clients can also sign up for the scheme as merchants and enjoy benefits such as free Stanbic IBTC point of sale (POS) devices, free marketing opportunities as well as access to Stanbic IBTC’s client base. Being a client-focused organisation, this will enable us to strengthen the relationship with our customers.
As an Environmental Social and Governance (ESG) driven organisation, we do not relent in achieving our sustainability goals. 37 of our office locations currently run on solar powered energy solutions and we have recycled 6.6 tonnes of waste papers in return for tissue papers year-to-date as we continue to support the global reduction of carbon emissions. During the quarter, we disbursed credit facilities of over N504mn to support educational service providers in Nigeria and disbursed
about N4.73bn credit facilities to 861 SME clients. We have also modified three additional office locations and 10 offsite ATM locations for accessibility to the physically challenged. Hence, 134 office locations and 97 offsite ATM locations have been modified so far.
We remain committed towards growing our key metrics over the rest of the year and achieving our FY 2022 guidance.”
Financial highlights
Financial position
• Total assets increased by 8% to ₦2.95 trillion (December 2021: ₦2.74 trillion)
• Gross loans and advances up 23% to ₦1.17 trillion (December 2021: ₦946.25 billion)
• Non-performing loan to total loan ratio of 2.6% (December 2021: 2.1%)
• Customer deposits increased by 1% to ₦1.14 trillion (December 2021: ₦1.13 trillion)
• Deposit mix improved to 73.1% (December 2021: 66.0%) of current-and savings-accounts deposits to total deposits
Income statement
• Gross earnings of ₦207.4 billion, representing a 41% increase (9M 2021: ₦146.6 billion)
• Net interest income of ₦79.66 billion, up 48% (9M 2021: ₦54.0 billion)
• Non-interest revenue of ₦94.40 billion, up 36% (9M 2021: ₦69.25 billion)
• Total operating income of ₦174.06 billion, up 41% (9M 2021: ₦123.25 billion)
• Profit before tax of ₦68.95 billion, up 52% (9M 2021: ₦45.31 billion)
• Profit after tax of ₦55.19 billion, up 38% (9M 2021: ₦39.95 billion)
• Cost to income ratio of 56.1% (9M 2021: 64.3%)
• Return on average equity (annualised) 19.2%
• Return on average assets (annualised) 2.5%
Capital and liquidity
The Group continued to maintain an adequate level of capital during the period. The Group’s total capital adequacy ratio closed at 19.2% (Bank: 14.9%) which is significantly higher than the 11% minimum regulatory requirement. The Group also maintained a strong and diversified funding base during the first nine months of 2022. The Group’s liquidity ratio was above the 30% regulatory minimum requirement, indicating the Group’s commitment to meeting its liquidity obligations in a timely manner. The Group also maintained its Fitch AAA (nga) rating, reflecting its stable financialo outlookand strong credit worthiness
Alpha Morgan Bank Rolls Out Mobile App for Android & iOS — Instant Account Opening on Alpha Morgan Bank Mobile App
Alpha Morgan Bank officially launched its mobile banking application, marking a major milestone in the Bank’s mission to simplify banking experiences for individuals and businesses across Nigeria. The Alpha Morgan Banking App is available for download on both Goole Play Store and iOS App Store.
Built around the principles of simplicity and user-centric innovation, the Alpha Morgan App allows customers to take full control of their finances from the palm of their hand anytime and anywhere. With features that meet the evolving needs of modern banking users, the app provides a secure, intuitive, and efficient digital banking experience, designed to make everyday banking fast, simple, and secure.
Users can enjoy instant onboarding and account access, seamless fund transfers both within and outside Alpha Morgan Bank network and effortless bill payments. The app also offers real-time transaction history for easy tracking, secure login options including biometric authentication, and round-the-clock access to customer service support, all tailored to delivering Satisfying Banking at your fingertips.
According to Mr. Ade Buraimo, Managing Director/CEO of Alpha Morgan Bank, “The launch of the Alpha Morgan App is a digital convenience and a significant step forward in our broader mission of delivering satisfying banking to every customer.”
This digital rollout also complements Alpha Morgan Bank’s commitment to flexible and accessible banking across Nigeria’s diverse population.
Customers can now download the Alpha Morgan App on Google Play Store and iOS App store.
Scan to download Alpha Morgan Bank App
FirstBank Agric and Export Conference: Charting a New Course for Non-Oil Exports
Lagos, 11 August 2025 – FirstBank, the premier West African financial institution and financial inclusion service provider is proud to announce the 2025 edition of the FirstBank Agric and Export Conference themed “The Fundamentals of Building a Non-Oil Export Driven Economy“, which will take place on Tuesday, August 19, 2025, at the Eko Convention Centre. Building on the momentum of previous successful editions, this year’s Expo reaffirms the Bank’s commitment to supporting Nigeria’s agricultural and non-oil export sectors as key drivers of economic development.
The FirstBank Agric and Export Conference aims to keep Nigerians abreast of emerging trends in the agricultural and non- oil export sector, whilst providing them insights into how innovative solutions can contribute to the overall development of the economy, and the nation at large. The conference will adopt a hybrid format, allowing most participants to join virtually while principal stakeholders attend in person. Attendees will have the opportunity to explore exhibition booths featuring major organizations and associations from industry. The event will feature a keynote speech, Goodwill messages, Plenary discussions, where select Speakers will expound on the theme and technical sessions to be handled by subject matter Specialists in the Agriculture and Export Value Chain.
Expected guest speakers include the Honourable Minister of Agriculture & Food Security, Senator Abubakar Kyari as the keynote speaker while the plenary and technical sessions will be enriched by insights from industry leaders like the MD Bank of Agriculture (BOA), Mr. Jafar Abubakar Umar; MD/CEO Nigerian Export-Import Bank (NEXIM), Mr. Abba Bello; National Action Committee on AfCFTA, Mr. Segun Awolowo; President, All Farmers Association of Nigeria, Architect Kabir Ibrahim, CEO Nigerian Export Promotion Council (NEPC), Mrs. Nonye Ayeni and a host of others. These renowned speakers will contribute their expertise and perspectives throughout the various sessions, ensuring participants gain valuable knowledge to enhance their roles within the agricultural and export value chain
Speaking on the Conference, Olusegun Alebiosu, Managing Director, FirstBank Group stated, “The FirstBank Agric and Export Conference is a strategic platform for stakeholders to converge, share knowledge, and drive strategies that can unlock the full potential of Nigeria’s agricultural sector and non-oil export industry. Through this platform, FirstBank is empowering customers and stakeholders by providing them with actionable insights, innovative solutions, and valuable connections that can help them navigate the complexities of the agricultural and nonoil export sectors. In addition, we aim to deliver tangible benefits to our customers, enhance their business prospects, and create lasting value for our stakeholders, while contributing to the growth and development of Nigeria’s economy.”
To participate in the FirstBank Agric and Export Conference, interested participants can click on https://firstbanknigeria.zoom.us/webinar/register/WN_Lit8tD6KSm6kzLMcyHwo8Q to register.
The FirstBank Agric and Export Conference is one of the Bank’s key initiatives to promote collaboration and innovation within the agricultural and non- oil export sectors. By providing a strategic platform for stakeholders, the conference aims to enhance the competitiveness of customers and partners in the global market. With agriculture identified as the most viable alternative to oil for generating foreign exchange earnings, this initiative supports economic diversification and is poised to accelerate national growth and development.
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Wema Bank Releases unaudited results for H1 2025, Profit Before Tax climbs 231% to N101.2billion
Wema Bank Releases unaudited results for H1 2025, Profit Before Tax climbs 231% to N101.2billion.
Wema Bank Plc, Nigeria’s oldest indigenous bank, most resilient and pioneer of Africa’s first fully digital bank, ALAT, has released its unaudited consolidated financial statements for the half-year period ended June 30, 2025, to the Nigerian Exchange Group (NGX).
On track to set an unprecedented benchmark, Wema Bank’s H1 2025 Unaudited Financial Results reported remarkable financial upturns including a Profit Before Tax (PBT) of ₦101.2 billion, representing a 231% increase compared to ₦30.55 billion recorded in the corresponding period of H1 2024. The Bank’s Gross Earnings also rose to ₦303.20 billion, reflecting a 70% increase from H1 2024’s ₦178.63 billion. Interest Income grew by 65% year-on-year to ₦240.12 billion (H1 2024: ₦145.53 billion), while Non-Interest Income surged by 91% year-on-year to ₦63.08 billion (H1 2024: ₦33.10 billion).
Wema Bank’s balance sheet remained robust and well-structured, with total assets rising from ₦3.585 trillion in HI 2024 to ₦3.963 trillion in H1 2025; deposit base growing by 3% from ₦2.523 trillion in FY 2024 to ₦2.60trillion, and Loans and Advances growing by 19% to ₦1.426 trillion in H1 2025, compared to ₦1.201trillion reported in FY 2024. The Bank’s Non-Performing Loan (NPL) ratio stood at 3.17% as at H1 2025, reflecting the Bank’s continued focus on maintaining asset quality. These indicators not only reflect Wema Bank’s resilience and efficiency, but also its strong capacity to sustain its growth momentum and continue to deliver optimum value to its stakeholders.
Commenting on the outstanding results, Wema Bank’s Managing Director/CEO, Moruf Oseni, affirmed the Bank’s commitment to maintaining the upward growth trajectory in its financials and delivering optimum value to every stakeholder of Wema Bank. According to him, “For 80 years, Wema Bank has redefined impossible, consistently breaking new ground and raising the bar in delivering positive impact. 3 years ago, we took our Profit Before Tax from ₦14.75 billion in 2022 to ₦43.59 billion in 2023, and in 2024, our PBT stood at an impressive ₦102 billion. Now, just halfway through 2025, we have achieved over 99% of our 2024 full-year PBT in just H1, and for us, this is just a starting point”.
“As a Bank, we have remained committed to surpassing expectations and redefining limitations and this is a standard we are prepared to uphold relentlessly. Wema Bank is the Bank that works for all and we will continue to pull all stops in delivering optimum value to every stakeholder, from our shareholders to customers, employees, partners, regulators, and every person and institution who has played a part in our 80-year journey and beyond,” Oseni concluded.
For 8 decades, Wema Bank has built a legacy of empowering lives, breaking untapped ground, setting industry standards, proving unmatched resilience and delivering unparalleled value to Nigerians of all ages, from all walks of life and across diverse verticals and industries. These Unaudited Financial Results further reflect the Bank’s strength and capacity to sustain its legacy in the decades to come.
Other key profitability and efficiency metrics that further underscore the Bank’s performance, as recorded in the H1 2025 Unaudited Results, include a 60.40% growth in Return on Average Equity (ROAE), 4.64% growth in Return on Average Assets (ROAA), 13.68% growth in Capital Adequacy Ratio (CAR) and 47.55% growth in Cost-to-Income Ratio.
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