Stanbic IBTC’s sustainability and success as a financial institution could be linked to its commitment to the prosperity and wellbeing of the societies it operates in.
The institution’s core business activities and operations support contribute to the prosperity of its customer base, a basis upon which its sustainability is built.
A financial service holding company in Nigeria, Stanbic IBTC, has subsidiaries in Banking, Stock Brokerage, Investment Advisory, Asset Management, Ventures, Investor Services, Pension Management, Trustees and life Insurance businesses.
The financial service group’s strong performance of its asset management division, Stanbic IBTC Asset Management Limited, has contributed over N47 billion of its net fee, according to information at our disposal. The Stanbic IBTC Group has operations spanning personal and business banking, corporate and investment banking and wealth management. The corporate and investment banking division of the Bank generated the highest net interest income for the group at N15.89bn in the first Half (H1) of 2021.
The wealth management business generated a net interest income at N1.66bn with a 25.56 per cent drop, while that of the personal and business banking division rose by 2.40 per cent to N15.33bn.
“An interim dividend of N1.00 per ordinary share of 50 kobo each, that is N12,956,997,163, subject to deduction of appropriate withholding tax and regulatory approval, will be paid to shareholders whose names appear in the register of members as at the close of business on Monday 20 September 2021,” the company said in a statement. Beyond managing its customers’ finances, the Bank is also known for its Corporate Social Responsibilities, committing itself into initiatives that will better its immediate society. The bank has commenced various work streams that will help the society journey towards net zero emissions. Stanbic IBTC is apparently committed to facilitating a better and more sustainable future for all.
Recently, the Bank announced its commitment to initiatives to achieve net zero emissions. The bank is also set to facilitate a better and more sustainable future for all its stakeholders. A Corporate Social Responsibility that leaves all in awe.
The Chief Executive Officer, Stanbic IBTC Holdings Plc, Dr Demola Sogunle said, “We all cannot continue to ignore our responsibility in the current changes to the climate. The Banking group harps on the importance of harmonising technology upgrades and sustainable growth to reduce carbon emissions.
Fighting a just cause, Stanbic IBTC says Autogas had been around for 40 years, and Nigeria had not fully embraced it. It believes that sustainability at the global level is targeted at mitigating the adverse effects of climate change.
Stanbic IBTC is advocating a green society, where clean energy could be affordable and carbon emissions reduced. The use of compressed natural gas in vehicles would mitigate the emission of nitrous oxide and hydrocarbons by 40 per cent and 90 per cent respectively, compared to petrol.
Back to its financial progress, in March, 2021, Stanbic IBTC Holdings Plc profit swelled by 10.9 per cent in 2020, even though it reported a 52.85 per cent drop in its profit before tax for the first half this year amid a decline in its trading revenue and other revenue sources.
The bad debt provision rose by more than five times in a year as the pandemic outbreak aggravated credit quality.
The Financial Institution’s gross earnings inched from N233.8 billion to N234.5 billion, in March. This saw to an uptick of 0.3 per cent, the audited financial statements of the financial service group showed in March. This drew strength from a 14.7 per cent expansion in non-interest revenue, which advanced from N108.8 billion to N124.8 by a growth in trading income by as much as 43.4 per cent.
Just recently, the Bank’s consolidated and separate interim financial statements for the six months ended June 30, 2021, its gross earning was N93.59bn.
Olamide Adeniji is a member of the editorial team of TheScript Newspaper
