According to a release by The Banker, a provider of economic and financial intelligence for the world's financial sector, With many Nigerian banks taking a hit in 2022 due to their exposure to Ghanaian debt, Stanbic recorded a return to profit growth, with net income rising by 42% and return on equity rising from 14.7% to 20.4%.
Tier 1 capital and assets increased by 11.7% and 10%, respectively, while asset quality remains at stable levels.
In a statement by Demola Sogunle, CEO of Stanbic IBTC, “As a responsible financial services provider of choice, we sustainably run our business by minimizing the negative impact or harm to the environment, society including our esteemed clients.”
“We strive earnestly to balance people, planet, and profits to ensure a brighter and more prosperous tomorrow for all.”
The review period saw the launch of the bank’s onboarding, database management and electronic payments solution for corporate clients, co-created with clients to address challenges faced with making recurring, periodic payments to multiple beneficiaries across the different geographical locations.
In the past, disbursement was made in cash to thousands of beneficiaries, which proved an enormous administrative responsibility for both the clients and the bank. The Covid-19 pandemic and the restrictions on movement that followed led to an increase in digital adoption which led to the introduction of the direct bank transfer method alongside the mobile money payment option.
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