Stanbic IBTC Holdings Plc at the weekend announced that it had obtained all required regulatory approvals as well as a licence from the National Insurance Commission to establish a wholly-owned Life Insurance subsidiary to be known and referred to as Stanbic IBTC Insurance Limited (SIIL).
The group in a statement signed by Chidi Okezie, Company Secretary, said the establishment of the new subsidiary essentially complements the bouquet of product offerings by Stanbic IBTC as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria.
“In this regard, SIIL will aim to facilitate long term insurance for already financially included individuals and will seek to become the preferred Insurer in the life insurance business.
Stanbic IBTC Holdings Plc, a member of Standard Bank Group, is a full-service financial services group with a clear focus on three main business pillars – corporate and investment banking, personal and business banking and wealth management.
The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1 per cent shareholding.
In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets. Standard Bank Group is the largest African financial institution by assets.
Stanbic IBTC Holdings posted a profit after tax of N66.163 billion for the nine months ended September 30, 2020.
This represents an increase of 19.10 per cent over its profit after tax of 2019 which was N55.552 billion. Profit before tax for the June ended was N76.865 billion, representing a 12.86 per cent increase over 2019 figures which stood at N68.108 billion.
The group gross earnings stood at N183.286 billion from N176.157 billion, accounting for a growth of 4.05 per cent.
Stanbic IBTC posted a profit after tax of N45.204 billion in its half year interim report ended June 30, 2020.
This represents an increase of 24.72 per cent over its half year profit after tax of 2019 which was N36.245 billion. Profit before tax for the June ended was N52.406 billion, representing a 17.37 per cent increase over 2019 figures which stood at N44.650 billion.
The group gross earnings stood at N126.570 billion from N117.374 billion, accounting for a growth of 7.83 per cent.
The lender’s first quarter (Q1) ended March 31, 2020 had showed a marginal increase in top-line and profitability.
Gross earnings stood at N61.4 billion, showing an increase of 4.6 per cent over the N58.7 billion recorded in the corresponding period of 2019.
Net interest income fell 8.3 per cent from N20.2 billion to N18.5 billion, while credit impairment charges printed at N1.967 billion, compared with a write back of N1.391 billion in 2019. Operational expenses increased from N23.5 billion to N24.8 billion, making the bank to end the quarter with a profit before tax (PBT) of N24.4 billion, as against N23.5 billion.