Fitch Ratings issues Stanbic IBTC stable outlook

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Fitch Ratings, a credit rating agency, has issued a stable outlook on Stanbic IBTC Holdings Plc handing the Nigerian financial company its National Long-Term Ratings at ‘AAA’.

The Stable Outlook was extended to the banking subsidiary of the company, Stanbic IBTC Bank Plc. Fitch factored in the role of Stanbic IBTC Holdings’ parent company, Standard Bank Group Limited (SBG), in issuing the favourable outlook.

“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,” Stanbic IBTC Holdings said in a statement to Ripples Nigeria.

READ ALSO:Cash shortages in Q1 to weaken Nigeria’s growth in 2023 –Fitch

Fitch affirms Stanbic IBTC as one of the leading domestic universal bank in Nigeria, with its ‘AAA(nga)’ ratings underscoring the firm’s financial strength and stability in the Nigerian market, according to the Chief Executive Officer of Stanbic IBTC Holdings, Demola Sogunle.

“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,” Sogunle said.

Also commenting on the Fitch Stable outlook, Stanbic IBTC Bank CEO, Wole Adeniyi, stated: “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.”

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