By Segun Odunewu, Lagos
Stanbic IBTC Holdings PLC, has received a significant affirmation of its creditworthiness as Fitch Ratings reaffirms its National Long-Term Ratings at ‘AAA(nga)’ with a Stable Outlook.
The rating also extends to its subsidiary, Stanbic IBTC Bank PLC, highlighting its strong support from its ultimate parent, Standard Bank Group Limited (SBG) of South Africa, and underscores its resilience in a challenging operating environment.
Fitch Ratings, a globally recognized credit rating agency, considered Standard Bank Group’s controlling ownership of Stanbic IBTC, its strategic importance as the holding company for leading Corporate and Investment Banking (CIB) and Wealth businesses in Nigeria, and the integral role of Stanbic IBTC Bank in Standard Bank Group’s Nigerian operations.
The agency acknowledged the high level of integration, shared branding, and the modest contribution to net income as factors contributing to SBG’s propensity and ability to support both entities, as reflected in its ‘BB-‘ rating and Nigeria’s ‘B-‘ Country Ceiling.
Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings, expressed his satisfaction with the rating affirmation, stating, “We are delighted with Fitch Ratings’ affirmation of our ‘AAA(nga)’ ratings, which underscores our financial strength and stability in the Nigerian market.
This rating affirms our commitment to maintaining a solid capital base, sound asset quality, and profitability. It also reinforces our stakeholders’ confidence in our ability to navigate challenging operating conditions.”
Mr. Wole Adeniyi, Chief Executive, Stanbic IBTC Bank also added, “Our diversified business model, sustained growth in net fees and commissions, and prudent risk management practices will continue to drive our profitability and solidify our position as a leading financial institution in Nigeria.”
