Stanbic IBTC Holdings Gets Fitch’s ‘AAA(nga)’ Rating
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.
Chief Executive, Stanbic IBTC Holdings, Dr. Demola Sogunle, 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.”
Chief Executive, Stanbic IBTC Bank, Mr Wole Adeniyi 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.”