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.”
• 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
• 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
Union Bank Unveils Brand New Sonic Identity – The Sound of Union
Union Bank Unveils Brand New Sonic Identity – The Sound of Union
Lagos, Nigeria – Union Bank of Nigeria has launched a brand-new sonic identity tagged ‘The Sound of Union. At 105 years, the Bank is now leveraging the universality of music to engage with new and existing audiences through this unique sound identity.
The Bank tapped prolific and award-winning music producer Tee-Y Mix, to create a timeless sound and interpret it across multiple genres for today’s and tomorrow’s generations.
Speaking about The Sound of Union during the official Twitter Space unveiling, Ogochukwu Ekezie-Ekaidem, Chief Brand and Marketing Officer, Union Bank, spoke about why the Bank is unveiling the sound identity at this time. She said:
“Over the past couple of years, Union Bank has gone through significant evolution and as a team, we are constantly thinking of ways to connect with our audiences – new and existing. At 105 years, we are entering into a new era of identity and the Sound of Union represents a milestone for us. We have produced a distinct tone and instrumental melody spanning five music genres drawing on our local culture to connect with audiences across different geographical zones. We believe we are the first Nigerian bank to create an identity using sound, and not just a one-off jingle or payoff. This launch underscores our commitment to providing the simplest and smartest solutions while offering the best experience for our customers.”
To launch the sound identity, Union Bank has partnered with Boomplay to release an EP which will include the five genres of the melody which will make the EP available exclusively to Boomplay subscribers for a period before it is available on other other platforms.
Also commenting during the Twitter Space, about the audio distribution partnership between Union Bank and Boomplay, James Afuwape, Marketing Manager at Boomplay said:
“Boomplay is the largest and fastest growing streaming platform in Africa, and we are passionate about building and sustaining the music culture and consumption in Africa. We do this by leveraging partnerships and collaborations and this one with Union Bank was one we couldn’t pass up on. The Sound of Union is a unique project, and we are honoured to use our platform to help amplify the sound.”
The Sound of Union EP is now streaming exclusively on Boomplay. Click here to listen
Polaris Bank promotes SMEs, sponsors The Fashion Souk
Polaris Bank promotes SMEs, sponsors The Fashion Souk
Polaris Bank has reaffirmed its commitment to support the growth of Small and Medium Enterprises (SMEs) in Nigeria.
The Bank in a statement gave this assurance while disclosing plans to sponsor The Fashion Souk 7.0. The statement further noted that 3 successful entrepreneurs who emerge winners in a business pitch at the event will go home with N1million, N500,000 and N250,000 for the overall winner, first runner-up and second runner-up respectively.
The two-day event, which is organised in partnership with Nigeria’s foremost event management company, EVENTFUL Limited is scheduled to hold on Saturday 3rd and Sunday 4th of December 2022, at the Harbour Point, Victoria Island, Lagos.
Speaking on behalf of Polaris Bank, the Group Head, Strategic Brand Management, Nduneche Ezurike, said that “Fashion and style enthusiasts can once again look forward to experiencing unparalleled fashion moments from Nigerian entrepreneurs.”
Mr. Ezurike noted that “As an SMEs-friendly Bank, it is always our delight to explore opportunities to grow Nigeria’s Small and Medium Enterprises. Polaris Bank’s lead sponsorship of the 7th edition of The Fashion Souk, underscores our acknowledgment of the SMEs as the catalyst for Nigerian’s economic growth.”
Continuing, he noted that “this year’s Fashion Souk is unique as it provides an opportunity for the yuletide holidaymakers with an unforgettable shopping experience as visitors will behold the creativity of the Nigerian entrepreneurs, especially in the beauty and fashion space.”
Mr. Ezurike further stated that Polaris Bank’s continued partnership with EVENTFUL Limited stimulates the entrepreneurial spirit of many Nigerians, especially the new-age innovators in the key sectors of the national economy. He commended Eventful Ltd for visibly showcasing the enterprise amongst Nigerians.
Commenting on the essence of the SOUK, Founder and Chairman of Eventful and Convener of the Fashion Souk, Yewande Zaccheaus, said: “Eventful Limited has been deliberate in using the platform of The Fashion Souk to create the much-needed road to market for budding fashion entrepreneurs whilst also expanding the target market of the more established designers. “We are proud to once again contribute to the growth of the nation’s economy,” she added.
More than 160 SMEs in Nigeria’s fashion industry, ranging from manufacturers to designers and retailers in clothing, kids fashion, textiles, jewelry, accessories, hats, bags, shoes and lingerie, are billed to showcase their creativity and product lines at the Fashion Souk.
According to December 2021 industry report, the Sub-Saharan African fashion market is worth $31 billion, with Nigeria holding an expanding share of 15 percent.
In line with its SME focus, Polaris Bank has partnered with and supported businesses in critical sectors of the Nigerian economy, including health, education, manufacturing, agriculture, export, and others. The Bank has advanced credits and indeed, provided close to N70billions to Micro, Small, and Medium Enterprise (MSMEs) from January 2021 till date.
Following the Bank’s recent strides in supporting SMEs and MSMEs, the prestigious BusinessDay’s Banks and Other Financial Institutions (BAFI) Awards named Polaris Bank the MSME Bank of the Year 2022.
Polaris Bank, adjudged Digital Bank of the Year 2021 and 2022, is a future-determining Bank committed to delivering industry-defining products for individuals and businesses.
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