According to a statement made available to our correspondent by the Head, Corporate Affairs and Corporate Social Investment, Stanbic IBTC Bank, Bimbo Ashiru, this is the highest rating assigned by the agency on its National Rating scale with the lowest expectation of default risk.
Stanbic IBTC’s rating, the statement added, was based on the strong support of its parent, Standard Bank Group Limited, and its robust financial performance, which was underpinned by a strong capital base, good liquidity profile and sound risk management practices.
The statement said, “The bank’s capital adequacy ratio of 29 per cent as at end September 2010 is well above the 10 per cent regulatory minimum, while its liquidity ratio in excess of 50 per cent as at same date is twice the statutory minimum.
“The bank’s well diversified business model has hugely contributed to its revenue streams in a challenging and competitive operating environment. SIBTC, earnings are benefitting from increasing transactional banking volumes, closure of good advisory mandates and steady growth within its wealth business.”
SIBTC, according to the statement,has grown its branch network to 123 from 68 at the beginning of the year and also increased its Automated Teller Machines to 181 from 131 in January 2010 to support growth in its retail and commercial banking franchise.
Source:http://www.punchng.com/Articl.aspx?theartic=Art201010311241157
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