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Annual Report 2015 Stanbic IBTC Holdings PLC Annual report 2015 Helping to write the next chapter in Nigeria’s future Stanbic IBTC Annual group financial statements for the year ended 31 December 2015 Overview Business review Annual report & financial statements Other information 1 Annual report 2015 Contents 4 Our vision and values Overview 6 Corporate profile 8 Our network 10 Recognition 14 Chairman’s statement 16 Chief executive’s statement Business review 19 Economic review 23 Financial review 36 Executive committee 39 Personal and Business Banking 40 Case study: Grand Oak Limited 42 Case study: Petromarine Nigeria Limited 45 Corporate and Investment Banking 48 Case study: ECP Africa 49 Case study: Hygeia Nigeria Limited 51 Wealth 56 Abridged sustainability report 59 Enterprise risk review 92 Board of directors Annual report & 94 Directors’ report 100 Statement of directors’ responsibility 101 Corporate governance report financial statements 116 Report of the audit committee 118 Statement of financial position 120 Statement of profit or loss 126 Statement of cash flows 127 Notes to the annual financial statements 229 Annexure A 230 Annexure B 234 Management team Other information 238 Branch network 243 Contact information Stanbic IBTC Annual group financial statements for the year ended 31 December 2015 Overview Business review Annual report & financial statements Other information 2 Overview 3 Overview In this chapter 4 Our vision and values 6 Corporate profile 8 Our network 10 Recognition Consolidating our country’s core strengths has allowed Stanbic IBTC to reinforce resilient channels of investment and build on new areas of investment to progress. Dangote Cement Plc The largest cement plant in Sub-Saharan Africa, Stanbic IBTC advised and facilitated the merger of Nigeria’s major cement producing entities. At the time, this new entity was the biggest ever listing on the NSE, representing 25% of the NSE’s total market capitalisation. Stanbic IBTC Annual group financial statements for the year ended 31 December 2015 Overview Business review Annual report & financial statements Other information 4 Overview 5 Our vision and values To be the leading end-to-end financial solutions provider in Nigeria through innovative and customer-focused people. The values that underpin our strategy Serving our Growing Delivering to Being Working Constantly raising Respecting Upholding the highest customers our people our shareholders proactive in teams the bar each other levels of integrity We do everything in our We encourage and help our We understand that we earn We strive to stay ahead by We, and all aspects of our We have confidence in our We have the highest regard Our entire business model power to ensure that we people to develop to their the right to exist by providing anticipating rather than work, are interdependent. ability to achieve ambitious for the dignity of all people. is based on trust and provide our clients with full potential and measure appropriate long-term reacting, but our actions are We appreciate that, as teams, goals and we celebrate We respect each other and integrity as perceived by our the products, services and our leaders on how well returns to our shareholders. always carefully considered. we can achieve much greater success, but we must never what Stanbic IBTC stands for. stakeholders, especially our solutions to suit their needs, they grow and challenge the We try extremely hard to things than as individuals. allow ourselves to become We recognise that there are clients. provided that everything people they lead. meet our various targets and We value teams within complacent or arrogant. corresponding obligations we do for them is based on deliver on our commitments. and across business units, associated with our individual sound business principles. divisions and countries. rights. Stanbic IBTC Annual group financial statements for the year ended 31 December 2015 Overview Business review Annual report & financial statements Other information 6 Overview 7 Corporate profile Stanbic IBTC was incorporated as on 25 January 2006. On 24 September banks to divest from non-core banking Corporate and Personal and Wealth Investment Banking and Trust Company 2007, IBTC Chartered merged with businesses or adopt a HoldCo structure. Investment Banking (CIB) Business Banking (PBB) Limited (IBTC), a private limited liability Stanbic Bank Nigeria Limited (“Stanbic Under the new structure, the company on 2 February 1989. IBTC Bank”), a wholly owned subsidiary of operating subsidiaries of Stanbic IBTC Total income Total income Total income was granted a merchant banking license Stanbic Africa Holdings Limited (“SAHL”), Holdings PLC are Stanbic IBTC Bank, in February 1989 and commenced which in turn is a subsidiary of Standard Stanbic IBTC Pension Managers Limited, N44.2 billion N29.8 billion N26.6 billion operations on 1 March 1989. IBTC’s Bank Group Limited of South Africa. As Stanbic IBTC Asset Management merchant banking license was converted part of the transaction that resulted in Limited, Stanbic IBTC Trustees Limited, Corporate and investment banking Banking and other financial services Investment management in form to a universal banking license in January the combination of IBTC Chartered and Stanbic IBTC Capital Limited, Stanbic services to government, parastatals, larger to individual customers and small to of asset management, pension fund 2002, pursuant to the universal banking Stanbic Bank, SAHL acquired a majority IBTC Stockbrokers Limited, and Stanbic corporates, financial institutions and medium sized enterprises. administration and trusteeship. guidelines of the CBN. In 2005, IBTC shareholding (53.2%) in the enlarged IBTC Ventures Limited. Stanbic IBTC international counter-parties in Nigeria. became a public company and its shares bank, which was named Stanbic IBTC Nominees Nigeria Limited and Stanbic were listed on The Nigerian Stock Bank PLC. IBTC Bureau de Change Limited are the Exchange. On 8 November 2012, Stanbic IBTC only subsidiaries of Stanbic IBTC Bank. In December 2005, IBTC merged officially adopted a holding company Stanbic IBTC Insurance Brokers was with Chartered Bank PLC and Regent structure in compliance with the incorporated on 29 December 2014 as a Gross revenue Total income Bank Plc and changed its name to IBTC revised regulatory framework by the subsidiary of Stanbic IBTC Holdings PLC. Chartered Bank Plc (“IBTC Chartered”) Central Bank of Nigeria which requires Corporate and Corporate and Corporate structure Investment Banking 51% Investment Banking 44% Personal and Personal and Stanbic IBTC Holdings PLC Business Banking 30% Business Banking 30% Wealth 19% Wealth 26% 99.9% 99.9% 99.9% 70.6% 99.9% Stanbic IBTC Stanbic IBTC Stanbic IBTC Stanbic IBTC Stanbic IBTC Bank PLC Capital Limited Stockbrokers Pension Asset Limited Managers Limited Management 99.9% Limited Stanbic Nominees Gross loans and advances Total deposits Nigeria Limited 99.9% 99.9% 99.9% 99.9% Stanbic IBTC Stanbic IBTC Stanbic IBTC Stanbic IBTC 99.9% Insurance Brokers Ventures Trustees Limited Investments Stanbic IBTC Limited Limited Limited Bureau de Corporate and Corporate and Change Limited Investment Banking 57% Investment Banking 49% Personal and Personal and Business Banking 43% Business Banking 51% Stanbic IBTC Holdings is a full service Standard Bank Group, to which including South Africa, as well as in other financial institution which offers a Stanbic IBTC belongs, is rooted in Africa selected emerging markets. wide range of products to a variety with strategic representation in 20 We uphold high standards of of segments. Stanbic IBTC provides key sub-Saharan countries and other corporate governance and are committed end-to-end financial solutions which emerging markets. Standard Bank has to advancing the principles and practice include corporate and investment been in operation for over 150 years and of sustainable development. Our success banking, personal and business banking, prides itself on being a global bank with and growth over the long term is built on stockbroking, insurance and wealth African roots. The largest African bank making a difference in the communities management. by assets and earnings, it operates in in which we operate. 20 countries on the African continent, Stanbic IBTC Annual group financial statements for the year ended 31 December 2015 Overview Business review Annual report & financial statements Other information 8 Overview 9 Our network Group overview Nigeria overview Market capitalisation R184 billion (US$11.8 billion) Total assets R1,981 billion (US$128 billion) Operating in 20 African countries and 13 countries outside Africa 5 54,000 employees 3 6 13 15 (2,743 in Nigeria) 18 7 1,221 branches (182 in Nigeria) 4 17 1 8,815 ATMs Branches ATMs 9 (504 in Nigeria) 29 Lagos Island 79 Lagos Island 19 33 Lagos Mainland 114 Lagos Mainland 20 31 North Central 80 North Central 12 11 23 North West 60 North West 10 2 33 South 77 South 16 33 South West 94 South West 8 14 1 Angola 6 Ghana 11 Mozambique 16 Swaziland 2 Botswana 7 Kenya 12 Namibia 17 Tanzania 3 Cote d’Ivoire 8 Lesotho 13 Nigeria 18 Uganda 4 DRC 9 Malawi 14 South Africa 19 Zambia 5 Ethiopia 10 Mauritius 15 South Sudan 20 Zimbabwe Stanbic IBTC Annual group financial statements for the year ended 31 December 2015 Overview Business review Annual report & financial statements Other information 10 Overview 11 Recognition 1. Best supranational borrower: 5. Best Dealing Member Firm 9. Best Pension Fund Manager 13. Best Complying Company of the 17.
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