Our vision & values

One vision • To be the best financial solutions team - the customer’s choice. • We will deploy our local knowledge and global emerging market expertise to deliver superior value to all our stakeholders. • We will only succeed if we are able to attract, retain, develop and deploy teams of people with energy, passion and skills. Eight values

Growing Upholding the highest our people levels of integrity We encourage and help our people Our entire business model is based to develop to their full potential on trust and integrity as perceived and measure our leaders on how by our stakeholders, especially our well they grow and challenge the customers. people they lead.

Respecting Serving our each other customers We have the highest regard for the dignity of all people. We respect each We do everything in our power to other and what Stanbic IBTC stands ensure that we provide our customers for. We recognise that there are with the products, services and corresponding obligations associated solutions to suit their needs, provided with our individual rights. that everything we do for them is based on sound business principles.

4 Stanbic IBTC Bank PLC annual report 2009 02

Delivering to our shareholders We understand that we earn the right to exist by providing appropriate long-term returns to Being Overwiew our shareholders. We try extremely proactive hard to meet our various targets and We strive to stay ahead by 12 deliver on our commitments. anticipating rather than reacting, but our actions are always carefully considered. Business review

46 Guarding against arrogance We have confidence in our ability to achieve ambitious goals and we Working celebrate success, but we never allow in teams ourselves to become arrogant. We, and all aspects of our work, are interdependent. We appreciate that, as teams, we can achieve much Annual report and financial statements greater things than as individuals

We value teams within and across 142 business units, divisions and countries. Other information

Stanbic IBTC Bank PLC annual report 2009 5 Financial highlights

Gross earnings of Total income of Profit before tax of

N59,781 million, N43,823 million, N10,342 million, Profit after tax of 2% down % up 29% down N8,138 million, 2% down

Loans & advances (net) Deposit liabilities of of N119,885 million, N169,200 million, Pre-tax return on 17% up 78% up average equity 12.8% (2008: 18.7%) Credit loss ratio 3.6% (2008: 4.4%) Cost-to-income ratio 65.3% Capital adequacy ratio (2008: 5.8%) 35.0% (2008: 41.5%) Liquidity ratio NPL/total loan ratio 51.4% (statutory 14.1% minimum: 25%) (2008: 1.7%)

Fitch rating AAA (nga)

Total income Earnings and dividend per share CAGR (2006-2009): 70% Nmillion Kobo Total revenue (Nm) 80 CAGR (2006-2009): 49% 50,000 70

43,823 64 42,495 60 40,000

50 46 43 42 30,000 40 40

32 22,480 30 29.9 30 20,000 25

15,878 20 19.8

10,000 8,863 10

0 Mar'06 Mar'07 Dec'07 Dec'08 Dec'09 0 Mar '06 Mar '07 Dec '07 Dec'08 Dec '09 Earnings per share Dividend per share

6 Stanbic IBTC Bank PLC annual report 2009 A broad-based financial services business

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Stanbic IBTC, a member of the Group (SBG), has consolidated its position in as a diversified business with a proven track record, strong capital and liquidity positions. SBG, which has a controlling stake of 50.8% in Stanbic IBTC, has been in business for 147 years and is Africa’s largest banking group ranked by assets and earnings.

Through focusing on the three key business segments – Corporate & Overwiew Investment Banking, Personal & Business Banking and Wealth Management, we have continued to leverage the skills, economies of scale and synergies 12 that come from being part of an international group and our excellent Nigerian pedigree. Business review

Corporate & Investment Personal & Business Wealth Banking (CIB) Banking (PBB)

46 Gross revenue Gross revenue Gross revenue

N8.6 billion N14.3 billion N6.9 billion

Corporate and investment banking Banking and other financial services Investment management, pension services to larger corporates, to individual customers and small to fund administration and pension financial institutions and international medium sized enterprises. asset management counter-parties in Nigeria.

Gross revenue contribution Total Assets Profit before tax contribution

% Annual report and financial statements 12% %

42% 56% 142

24%

11% 64% 55%

CIB PBB Wealth CIB PBB Wealth CIB PBB Wealth Other information

Stanbic IBTC Bank PLC annual report 2009 7 Recognition

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1. The ACQ Finance Magazine 4. Best Investment Bank in Nigeria, Global Awards for the Best 2009, emeafinance Awards

Investment Bank in Nigeria Stanbic IBTC won the Best Investment Bank Award 2009, from emeafinance, for its achievements, successes, and notable This award was in recognition of Stanbic IBTC’s market share, number transactions for example acting as joint arranger/issuing house and Overwiew of deals as well as innovation in the Investment Banking Industry. lead underwriter on the N18.5 billion (USD120m) fixed rate bond issue by the Imo State under a N40 billion medium-term note programme. The bank also acted as joint arranger/issuing house to a N50 billion 12 fixed rate bond issue by the Lagos State under a N275 billion debt 2. Best Investment Bank in issuance programme, the largest state government debt issue in the Nigeria and Best Equity House in Nigerian capital market. Africa, Euromoney Awards 2009. 5. Best Sub Custodian in Nigeria During 2009, Stanbic IBTC and Standard Bank completed many high profile and successful transactions across Africa, including as Joint 2009, Global Investor Magazine Issuing House, Arranger and Primary Dealer to a N275 billion Debt Issue programme by the Lagos State Government, as lead mandated Annual Awards

arranger on the Tanesco loan - one of the largest single commercial Business review loans ever arranged in East and Central Africa, and as Joint Issuing Stanbic IBTC won the award for best custodian bank in Nigeria in the House and underwriter to a US$2.5 billion regional IPO by ETI across weighted and unweighted categories. The award further demonstrates Nigeria, and the UEMOA region. Stanbic IBTC’s leadership of the Nigerian investor services sector. 46 3. PPP Champion of the Year for 6. Trade Finance Magazine and Various Initiatives, 2009 by Africa Global Trade Review Awards investor Infrastructure Awards These awards were received for the US$15m cocoa-receivables revolving trade facility for Agro Traders Ltd (Nigeria). The Ai Infrastructure Awards, are held annually alongside the Africa Investor Infrastructure Projects Summit, and are designed to highlight and profile exceptional business practices and economic achievements across the infrastructure spectrum in Africa. Stanbic IBTC has been Annual report and financial statements recognized for spearheading innovative infrastructure projects, and has been rewarded for driving transactions and improving the continent’s infrastructure investment climate. 142 Other information

Stanbic IBTC Bank PLC annual report 2009 9 Standard Bank Group at a glance

* Market capitalisation R159 billion (US$22 billion) * Total assets R1.345 trillion (US$183 billion) * Operating in 17 African countries and 16 countries outside Africa * 51,411 employees (2,112 in Nigeria) * 664 branches in , 348 in the rest of Africa and 98 in Argentina (110 branches in Nigeria) * Total number of ATMs – 4,810 in South Africa, 770 in the rest of Africa and 332 Outside Africa (141 in Nigeria)

10 Stanbic IBTC Bank PLC annual report 2009 02 Overwiew

12 Business review

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Branches in Nigeria Lagos Island - 15 South South - 9 Annual report and financial statements Lagos Mainland - 0 North West - 12 South West - 15 North East - 9 South East - 12 FCT Abuja - 8 142

ATM Lagos Island - 26 North West - 17 Lagos Mainland - 1 North Central - 7 South West - 21 North East - 4 South East - 14 FCT Abuja - 9 South South - 12 Other information

Stanbic IBTC Bank PLC annual report 2009 11