For upholding global best practices that has been instrumental to attracting foreign investments, FDI into Nigeria in 2024, and for its contribution towards promoting entrepreneurship and agriculture, Stanbic IBTC is Bank of the Year 2024.
With over 31 years of investment banking experience in Nigeria, Stanbic IBTC is the leading investment banking franchise in and for Nigeria, delivering world-class solutions and outstanding client service.
Despite a decline in foreign investment capital flow into Nigeria in the first half of 2024, Stanbic IBTC which had won laurels as Nigeria’s best private bank had been able to conduct a higher flow of much needed foreign exchange into the country accounting for nearly 30 per cent of the capital importation in the first half of 2024.
Capital importation data showed that Stanbic IBTC accounted for $1.666 billion of the $5.980 billion that flowed into Nigeria between January and June 2024. With a Long-term AAA (nga) and Short-term F1+(nga) rating, Stanbic IBTC prioritizes the needs of customers above all else with its comprehensive range of personal and business banking solutions designed to cater to the diverse needs of individuals and businesses alike.
As a testament to its dedication to innovation, nurturing client relationships, fostering investment prosperity and the unwavering trust of its clients, it had crossed the N1trillion asset under management threshold.
Stanbic IBTC is also focused on supporting small-scale agribusinesses and improving their agricultural yield, by supplying agro resources for soil improvement and enhanced agricultural production. Its agribusiness solutions are structured to support the country’s import substitution objectives and ensure profitability for businesses offering players in the agribusiness sector affordable and flexible funding from the vehicle and farming equipment to seed level, harvesting, processing, and distribution.
Recognising the importance of embracing technological advancements to deliver tailor-made solutions that meet the evolving needs of customers, Stanbic IBTC’s digital platforms empower customers with self-service channels, enabling them to bank conveniently and efficiently.
A socially responsible organisation, Stanbic IBTC extends the hand of love to the underserved, the underprivileged and those in need. Its contributions to society include empowering children living with lost a limb across Nigeria with millions of Naira in its “Together4ALimb” initiative, its several scholarship programmes amongst others, which range from economic empowerment, sports, education, health as well as art, culture and entertainment.
According to the financials released on the Nigeria Exchange, Stanbic IBTC had posted a Profit before tax of N222.93 billion at the end of September 2024 compared to N129.46 billion which it posted in the comparable period of 2023.
Stanbic IBTC’s total assets had grown by 41.2 per cent by the end of the third quarter of 2024 rising from N5.145 trillion at the end of the 2023 financial year to N7.263 trillion as at September 30, 2024.
Shareholders have also continued to enjoy their investments in Stanbic IBTC as the Board of Directors, had declared an interim dividend of N2.00 per ordinary share of 50 kobo each, valued at N25.91 billion after its half year profit before tax surged by 77 per cent to N147 billion, up from N82.99 billion recorded in 2023.
