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Banking Sector

Stanbic IBTC Posts 31.5 Percent Decline in Profit in 2021 FY

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Stanbic IBTC Bank- Investors King

Stanbic IBTC Holdings Plc, a leading bank in Nigeria and Africa, recorded a 31.52 percent decline in profit after tax to N56.984 billion in the financial year ended December 31, 2021.

Gross earnings also dipped 12.22 percent to N205.807 billion, below N234.446 recorded in 2020 when COVID-19 struck the globe and grounded business activities. Net interest income inched slightly higher by 1.56 percent to N75.372 billion on the back of a moderating interest expense.

Non-interest revenue declined to N95.788 billion, representing a decline of 23.19 percent from N95.788 billion filed in the 2020 financial year.

This was disclosed in the bank’s unaudited financial statements released on Friday.

Stanbic IBTC’s total income for the year dropped by 13.96 to N171.160 billion, down from N198.924 billion posted in the corresponding period of 2020.

Profit before tax plunged by 30.29 percent from N94.717 billion in 2020 to N66.021 billion. The lender paid an income tax of N9.037 billion to report N56.984 billion profit after tax.

Earlier this year, Investors King reported that announced plans to venture into fintech in an effort to cut costs of operations and improve profitability across its business units.

According to the lender, the financial technology services unit will be called Stanbic IBTC Financial Services Limited once it received approval from the regulatory body.

Dr. Demola Sogunle, Chief Executive Officer of Stanbic IBTC, who commented on the bank’s performance and plans for the future in October 2021, explained why Stanbic IBTC is going digital and restructuring its key units.

He said “in line with our core value of delivering value to our shareholders, the restructuring will advance the execution of our digital business transformation and enable us to achieve accelerated future readiness for the business and growth through effective mining of the client ecosystems propelled by a future-ready workforce. We continue to make progress in supporting the financial needs of our communities in the third quarter of 2021. Investing to advance tree planting exercise, youth, and women empowerment through donations, sponsorships and partnerships, library upgrade and renovation, hospital unit refurbishment, amongst others.”

 

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Banking Sector

FirstBank Commemorates 2022 Customer Service Week

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider has announced its commemoration of the 2022 edition of the Customer Service Week scheduled to be globally celebrated on 3 – 7 October 2022. 

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FirstBank

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider has announced its commemoration of the 2022 edition of the Customer Service Week scheduled to be globally celebrated on 3 – 7 October 2022. 

The event themed: “Celebrating Service” will be marked across its FBNBank subsidiaries in over half a dozen countries which include FBNBank UK, FBNBank Ghana, FBNBank Senegal, FBNBank Gambia, FBNBank Guinea, FBNBank DRC and FBNBank Sierra Leone.

Customer Service Week is an international celebration that highlights the importance of customer service and staff who serve and support customers daily to deliver exceptional service to customers.

The Bank’s celebration of the 2022 Customer Service Week will include several activities considered integral to promoting a relaxed atmosphere whilst extending its participation to everyone, irrespective of where they are. The activities include virtual engagement of customers on its social media handles: firstbanknigeria on Instagram; First Bank of Nigeria Limited on Facebook; First Bank of Nigeria Limited on LinkedIn and @FirstBankngr on Twitter. 

Others are a video booth and photo frame funfair, then a Virtual Party on the Friday of the weeklong event and a movie date for staff.

Through the last 128 years of its operations, FirstBank has played a leading role in utilizing its robust customer service network and digital banking architecture to support its customers – cutting across diverse cultures, tribes and races beyond the shores of Nigeria – in meeting their individual and business needs. The Bank achieves this through its innovative, interactive, self-service banking platforms like *894# Quick Banking mobile solution, FirstMobile banking application, Firstmonie Agents, FirstOnline internet banking, WhatsApp banking, and ATM amongst many others. The Bank’s electronic banking channels are constantly updated with new and exciting features to expose customers to exemplary services and experience to put them at an advantage in the industry.

According to Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, FirstBank “for us at FirstBank, celebrating service, the theme of the 2022 edition of the Customer Service Week is a reflection of our brand mantra “You First”. This reiterates the essence of our existence since 1894, centred on putting You, our customers First as we continue to support individuals and businesses to impact the economy.

With our dynamic and vibrant human-led and digital-led customer services operations, we remain committed to rendering the gold standard of services to our customers and stakeholders regardless of where they may be across the globe” she concluded.

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Banking Sector

Fidelity Bank Collaborates With SMEDAN, Seeks to Enhance SMEs Access to Fund

Fidelity Bank has partnered with the Small And Medium Enterprises Development Agency (SMEDAN) to bridge the funding gap in small businesses in Nigeria

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fidelity bank - Investors King

Nigerian commercial bank, Fidelity Bank has partnered with the Small And Medium Enterprises Development Agency (SMEDAN) to bridge the funding gap in small businesses in Nigeria.

At a Memorandum of Understanding (MOU) signing ceremony recently held in Lagos, the Managing Director/Chief Executive Officer of Fidelity bank Mrs. Nneka Onyeali-Ikpe who was represented by Executive Director, Lagos and South-West Dr. Ken Opara, disclosed that the partnership with SMEDAN reinforces the fact that the bank is a leading supporter of SMEs in Nigeria.

Her words, “For us at Fidelity Bank, supporting SMEs is in our DNA and for more than two decades, we have been creating multiple platforms to help them thrive.

“These include the numerous products we have pioneered, our collaboration with the Lagos Business School to host the Export Management Programme, the Fidelity SME Academy, and our weekly SME Forum radio program successful business owners and SMEDAN share tips on running thriving ventures with listeners.

“This partnership is therefore another step in our journey of helping entrepreneurs grow and compete favorably in any market they operate and we are very happy to have SMEDAN join us.”

Also, the Director-General/Chief Executive Officer of SMEDAN, Olawale Fasanya expressed gratitude to Fidelity Bank for facilitating the partnership, emphasizing that the MOU was particularly significant not just to the Agency but to the MSMEs ecosystem.

He said, “Fidelity Bank is one of the few commercial banks in Nigeria that have shown immense interest in providing support to the large MSME community. I am very aware of some of your products purposely designed to serve the MSMEs.

“This explains why the Agency is very excited entering into this relationship that we believe will help change the narratives of the sub-sector”.

Knowing that SMEs are the backbone of any economy, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has on several occasions launched different initiatives for small and medium enterprises (SMEs) in the country to help boost sales and enhance capacity building.

On the other hand, Fidelity Bank has continued to play a pivotal role in the development of SMEs in the country by offering numerous support through partnerships with different firms and agencies.

It should be recalled that in June 2022, Investors King reported that Fidelity bank partnered with impactHER a non-profit organization, to empower 1,052 female entrepreneurs with sales skills in Nigeria.

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Banking Sector

Shareholders Approve Restructuring, Change of Name For Sterling Bank

Shareholders of Starling Bank have approved its conversion from a core banking business to a holding company like GTCO, Access Bank, FBN Holding, etc.

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Sterling Bank - Investors King

Shareholders of Starling Bank have approved its conversion from a core banking business to a holding company.

The shareholders also approved the bank’s proposed change of name to reflect its new businesses and core values.

Investors King learnt Sterling Bank will operate as a holding company with the name Sterling Financial Holding Company.

It should be recalled that at a meeting held last week, shareholders agreed to transfer their investment into Sterling Financial Holding Company which will enable the new company to venture into other sectors within financial services.

According to a statement released by the bank, shareholders believed that the decision to transform the lender bank into a holding company will enhance operations and pave the way to make the company a dominant force in the financial market. 

Under the new arrangement, shareholders will exchange their shares in the Bank for shares in HoldCo in the same proportion as their current holdings in the Bank. 

In addition, the new company, Sterling Financial Holding Company will be registered as a public company and Sterling Bank Plc will be delisted from the Daily Official List of the Nigerian Exchange Limited (NGX) while the new company (Sterling Financial Holding Company) will be listed in its stead. Sterling Bank will subsequently be a subsidiary which will be re-registered as a private limited liability company. 

Founded in 1960 and headquartered in Lagos, Sterling Bank operates within four areas of banking which include Retail and Consumer Banking, Commercial Banking, Institutional Banking and Corporate Banking. 

Chairman of Sterling Bank, Mr Asue Ighodalo explained that the transition into a holding company will enhance diversification into other permissible business lines,  thereby promoting growth and enriching shareholder value while it will also consolidate the financial strength of the group. 

Sterling bank will be joining a group of commercial banks such as United Bank of Africa (UBA), Access Bank, First Bank, Guarantee Trust Bank (GTB) and others which have changed names to holding companies.

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