Fitch Ratings has affirmed Stanbic IBTC Holdings PLC at an ‘AAA(nga)’ rating with a stable outlook, marking over 10 consecutive years of maintaining this top-tier ranking. The affirmation underscores the strength of Stanbic IBTC’s operating model, prudent risk management practices, and its strategic importance to parent company Standard Bank Group (SBG) of South Africa, which holds a 67.55% stake in the financial services group.
In its commentary, Fitch highlighted the robust shareholder support enjoyed by Stanbic IBTC, stating, “Fitch believes SBG has a high propensity to provide support to Stanbic IBTC and Stanbic IBTC Bank. This reflects the issuers’ leading corporate and investment banking, insurance, and asset management businesses in Nigeria, as well as their importance to SBG’s pan-African strategy.” The agency noted that SBG’s ability to provide support is tempered by inherent Nigerian country risks but remains strong due to shared branding, integration, and SBG’s controlling ownership.
The rating agency also praised the group’s effective management of credit risk, citing an impaired loans ratio of 4.4%, below regulatory thresholds, and a high specific loan loss coverage of 88%. Liquidity levels were described as comfortable across both local and foreign currencies, while the bank maintained a balanced approach between deposits and loan disbursements.
Reacting to the rating affirmation, Acting Chief Executive of Stanbic IBTC Holdings, Adekunle Adedeji, said, “This 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 is a testament to our robust 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.”
Wole Adeniyi, Chief Executive of Stanbic IBTC Bank, added, “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.”
The reaffirmation solidifies Stanbic IBTC’s position as a trusted provider of integrated financial solutions in Nigeria, offering services spanning banking, asset management, pensions, stockbroking, fintech, trusteeship, insurance, and investments. This milestone highlights the group’s resilience, strategic alignment with its parent company, and unwavering commitment to delivering value to stakeholders amid evolving market dynamics.
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