Banking
Stanbic IBTC Grows Profit by 59% in Nine Months
By Dipo Olowookere
A member of Standard Bank Group, Stanbic IBTC Holdings Plc, has announced its nine months unaudited group results for the period ended September 30, 2018.
In the financial statements released by the firm, it reported a profit after tax of N59.76 billion, representing an increase of 59 percent for the corresponding period in 2017.
This was as the profit before tax jumped by 54 percent to N70.38 billion from N45.65 billion exactly 12 months ago.
Highlights of the results showed that the gross earnings rose by 9 percent to N168.80 billion from N154.22 billion in the corresponding period of last year, while the net interest income went down to N58.44 billion from N62.95 billion.
However, the non-interest revenue went up by 24 percent to N79.97 billion from N64.28 billion, with the total income increasing to N138.42 billion from N127.23 billion.
For the cost to income ratio, it increased to 52.1 percent from 48.1 percent, while the annualised return on average equity grew by 39.0 percent, with the annualised return on average assets improving by 5.5 percent.
A look at the balance sheet showed that the total assets went up by 11 percent to N1.54 trillion from N1.39 trillion recorded in December 2017.
Also, the gross loans & advances to customers increased by 14 percent to N462.32 billion versus N403.85 billion in December 2017, while the non-performing loans decreased by 39 percent to N21.6 billion from N35.3 billion in December 2017.
The company also said the non-performing loans to total loans ratio dropped to 4.7 percent from 8.6 percent in December 2017, while the customer deposits slightly went down by 2 percent to N738.36 billion from N753.64 billion in December 2017, with the deposit mix improving to 57.0 percent from 49.2 percent in December 2017.
The company disclosed that its capital adequacy levels are significantly above the regulatory limit of 10 percent.
The Group’s total capital adequacy ratio closed the period at 24.5 percent (Bank: 21.4 percent) and Tier 1 capital adequacy ratio of 20.7 percent (Bank: 17.2 percent).
“We remain well positioned and sufficiently capitalized to support future growth ambitions. The Group’s liquidity ratio closed at 90.3 percent, while the bank’s liquidity ratio was at 77.7 percent at the end of September 2018. This ratio is significantly higher than the 30 percent regulatory minimum,” the firm said.
Speaking on the Group’s performance, Chief Executive of Stanbic IBTC Holdings, Mr Yinka Sanni, said, “Our business continued to thrive in the third quarter of 2018 amid industry-wide headwinds, bearish capital market aided by emerging market sell-off and attendant repatriation of foreign capital. Our performance shows steady growth in our balance sheet position, sustained improvement in revenue from fees and commissions and trading lines, though at a slower pace against a backdrop of reduced financial market volumes / trades and reduction in fee income rate particularly for our Wealth business due to the implementation of the multi-fund structure. Nonetheless, we have seen significant improvement in our risk asset portfolio with gross loans and advances up by 14% year-to-date while non-performing loans (“NPL”) portfolio decreased by 39%, thereby improving our NPL ratio to 4.7% from 8.6% in December 2017.
“The decrease in non-performing loans is on account of the declassification of some loans following positive outcome on recovery and rehabilitation efforts. This is coupled with strategic decision to write-off some delinquent loans. The 2% decrease in total customer deposits is due to the competitive yield environment and continued drive to reduce cost of funds which resulted in a 25% decrease in expensive term deposits”.
“We are focused on delivering end-to-end financial solutions to our customers through our enhanced digital platforms as significant investment is being made to achieve this stride. Volume of transactions carried out on our digital platform continues to increase and we are encouraged by the robust transactional volumes from the various platforms. The drop in our net interest income is due to lower yield on government securities compared to the same period in 2017 but the sustained growth in loans and advances will douse the impact on net interest income line in the near term. We remain on track to achieve our guidance by the end of the year. Our focus for the rest of the year is to maintain the momentum in improving the quality of the asset book and to further grow our non-interest revenue line.”
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
By Modupe Gbadeyanka
The flagship banking subsidiary of Guaranty Trust Holding Company (GTCO) Plc, Guaranty Trust Bank (GTBank) Limited, has been announced as the winner of Nigeria’s Best Digital Bank award at the Euromoney Awards for Excellence 2026.
The lender clinched this accolade at the Euromoney Awards for Excellence 2026 ceremony, held on July 17, 2026, at The Peninsula London, England, for its outstanding performance, innovation, customer service, and leadership.
GTBank’s recognition as Nigeria’s Best Digital Bank reflects its continued leadership in digital innovation and its commitment to delivering seamless, secure, and customer-centric financial solutions.
As the banking franchise of GTCO, GTBank has consistently set industry benchmarks in digital transformation, pioneering solutions that have redefined how individuals and businesses access, manage, and experience financial services.
Over the years, GTBank has transformed the banking experience through a suite of innovative digital platforms, including the GTWORLD mobile app and solutions that provide millions of customers with seamless, secure, and convenient access to financial services.
The bank continues to strengthen its digital capabilities by introducing products and services that meet evolving customer needs while maintaining the highest standards of security, reliability, and service excellence.
This latest recognition underscores the company’s position as a market leader and reflects its sustained investment in technology, operational excellence, and innovation.
“This recognition is a testament to the legacy upon which GTBank was built and the vision that continues to guide us today.
“From inception, our goal has been to deliver on the Group’s vision to make end-to-end financial services accessible to everyone by leveraging technology to remove barriers, simplify experiences, and create meaningful value for our customers,” the chief executive of GTBank, Mrs Miriam Olusanya, stated.
“While we are honoured by this recognition, we see it as an acknowledgement of what we have achieved and a motivation to do even more.
“We remain focused on raising the bar for digital banking, investing in innovative solutions, and delivering exceptional experiences that create lasting value for our customers.
“As the financial services landscape continues to evolve, we will continue to innovate, adapt, and lead with the same commitment to excellence that has defined our franchise for decades,” she added.
The Euromoney Awards for Excellence 2026 convened leading financial institutions, industry executives, and policymakers from across the globe to celebrate excellence, innovation, and leadership in the financial services sector.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
