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Stanbic IBTC Holdings PLC ANNUAL REPORT 2017 3

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Stanbic IBTC Holdings PLC ANNUAL REPORT 2017 3 1 Stanbic IBTC Holdings PLC ANNUAL REPORT 2017 3 Stanbic IBTC Holdings PLC Overview Annual Report 2017 6 Our vision and values 8 Corporate profile 10 Our network 12 Recognitions Business review 16 Chairman’s statement 19 Chief Executive’s statement 23 Economic review 27 Financial review 38 Executive committee 41 Personal and Business Banking 42 Case study: Ulysses Nigeria Ltd. 44 Case study: Natural Prime Resources Nigeria Ltd 47 Corporate and Investment Banking 49 Case study: Kellogg Tolaram Nigeria Ltd 50 Case study: Anheuser-Busch InBev 53 Wealth 59 Abridged sustainability report 65 Enterprise risk review Annual report & financial statements 98 Board of directors 100 Directors’ report 106 Statement of directors’ responsibility 107 Corporate governance report 122 Report of the audit committee 124 Independent auditors report 128 Consolidated and separate statement of financial position 130 Consolidated and separate statement of profit and loss 136 Consolidated and separate statement of cash flows 137 Notes to the consolidated and separate financial statement 244 Annexure A 246 Annexure B Other information 250 Management team 254 Branch network 258 Contact information 5 Having advisors with to make your Overview 6 Our vision and values 8 Corporate profile Nigeria possible 10 Our network 12 Recognitions Our collective vision allows our group to make the connections between investors, businesses and inspired ideas. Creating new opportunities, and navigating the financial challenges of a changing economy imaginatively so that we never leave people unsupported or new avenues unexplored. This is what drives us at Stanbic IBTC 6 Group results in brief Stanbic IBTC Annual group financial statements for the year ended 31 December 2017 Overview Business review Annual report & financial statements Other information 7 Vision and values To be the leading end-to-end financial solutions provider in Nigeria through innovative and customer-focused people. Working in teams We, and all aspects of our work, are interdependent. We appreciate that as teams we can achieve much greater things than as individuals. We value teams within and across business units, divisions and countries. Serving our customers We do everything in our power to ensure that we provide our clients with the products, services and solutions Constantly raising the bar to suit their needs, provided that everything we do for them is based We have confidence in our ability to achieve on sound business principles. ambitious goals and we celebrate success, but we are careful never to allow ourselves to become complacent or arrogant. Growing our people We encourage and help our people to develop to their full potential and measure our leaders on how well they Being proactive grow and challenge the people they lead. We strive to stay ahead by anticipating rather than reacting, but our actions are always carefully considered. Delivering to our shareholders We understand that we earn the right to exist by providing appropriate long-term returns to our shareholders. We try extremely hard to meet Upholding the highest our various targets and deliver on levels of integrity our commitments. Our entire business model is based on trust and integrity as perceived by our stakeholders, especially our clients. Respecting each other We have the highest regard for the dignity of all people. We respect each other and what Stanbic IBTC stands for. We recognise that there are corresponding obligations associated with our individual rights. 8 Group results in brief Stanbic IBTC Annual group financial statements for the year ended 31 December 2017 Overview Business review Annual report & financial statements Other information 9 Corporate profile Stanbic IBTC Holdings PLC (“Stanbic IBTC”) was incorporated as resulted in the combination of IBTC Chartered and Stanbic Bank, Investment Banking and Trust Company Limited (“IBTC”), a private SAHL acquired a majority shareholding (50.1%) in the enlarged Corporate and Personal and Wealth limited liability company, on 2 February 1989. IBTC was granted bank, which was named Stanbic IBTC Bank PLC. Investment Banking (“CIB”) Business Banking (“PBB”) a merchant banking licence in February 1989 and commenced On 1 November 2012, Stanbic IBTC officially adopted a Holding operations on 1 March 1989. IBTC’s merchant banking licence was Company (“Holdco”) structure in compliance with the revised Total income Total income Total income converted to a universal banking licence in January 2002, pursuant regulatory framework by the Central Bank of Nigeria which requires to the universal banking guidelines of the Central Bank of Nigeria banks to divest from non-core banking businesses or adopt a (“CBN”). In 2005, IBTC became a public company and its shares N89.0 billion N44.3 billion N39.5 billion HoldCo structure. were listed on The Nigerian Stock Exchange (“The NSE” or “The Exchange”) Under the new structure, the subsidiaries of Stanbic IBTC Holdings Corporate and investment banking Banking and other financial services Investment management in form PLC are Stanbic IBTC Bank, Stanbic IBTC Pension Managers In December 2005, IBTC merged with Chartered Bank PLC and services to government, parastatals, to individual customers and small to of asset management, pension Limited, Stanbic IBTC Asset Management Limited, Stanbic IBTC Regent Bank PLC and changed its name to IBTC Chartered Bank larger corporates, financial institutions medium sized enterprises. fund administration, trusteeship Trustees Limited, Stanbic IBTC Capital Limited, Stanbic IBTC PLC (“IBTC Chartered”) on 25 January 2006. On 24 September and international counter-parties and insurance brokerage. Stockbrokers Limited, Stanbic IBTC Insurance Brokers Limited, 2007, IBTC Chartered merged with Stanbic Bank Nigeria Limited in Nigeria. Stanbic IBTC Ventures Limited, and Stanbic IBTC Investments (“Stanbic Bank”), a wholly owned subsidiary of Stanbic Africa Limited. Stanbic IBTC Nominees Limited and Stanbic IBTC Bureau Holdings Limited (“SAHL”), which in turn is a subsidiary of Standard de Change Limited are the only subsidiaries of Stanbic IBTC Bank. Bank Group Limited of South Africa. As part of the transaction that Corporate Structure Gross revenue Total income Stanbic IBTC Holdings PLC Corporate and Corporate and Investment Banking Investment Banking 54% 51% Personal and Personal and Business Banking Business Banking 99.9% 99.9% 99.9% 88.2% 99.9% 27% 26% Stanbic IBTC Stanbic IBTC Stanbic IBTC Stanbic IBTC Stanbic Wealth Wealth Bank PLC Capital Ltd Stockbrokers Pension IBTC Asset 19% 23% (“SICL”) Ltd (“SISL”) Managers Ltd Management (“SIPML”) Ltd (“SIAML”) 99.9% 99.9% 75.0% 99.9% 99.9% 99.9% Stanbic IBTC Stanbic IBTC Stanbic IBTC Stanbic IBTC Stanbic IBTC Stanbic IBTC Nominees Ltd Bureau de Insurance Ventures Ltd Trustees Ltd Investments (“SINL”) Change Ltd Brokers Ltd (“SIVL”) (“SITL”) Ltd (“SIIL”) (“SIIBL”) Gross loans and advances Total deposits Corporate and Corporate and Investment Banking Investment Banking 63% 42% Stanbic IBTC is a full service financial institution which offers a wide range of products to a variety of segments. Personal and Personal and Stanbic IBTC provides end-to-end financial solutions which include corporate and investment banking, personal Business Banking Business Banking and business banking, stockbroking and wealth management. 37% 58% Standard Bank Group, to which Stanbic IBTC belongs, is Africa’s largest bank by assets and earnings with strategic representation in 20 key sub-Saharan countries and other emerging markets. Standard Bank has been in operation for over 150 years and prides itself on being a global financial institution with African roots. 10 Group results in brief Stanbic IBTC Annual group financial statements for the year ended 31 December 2017 Overview Business review Annual report & financial statements Other information 11 Standard Bank Group network Country overview Nigeria overview Standard Bank Group Overview 1 Angola Branches ATMs BNAs 2 Botswana Lagos Island: 27 Lagos Island: 85 Lagos Island: 4 Market 3 Cote d’Ivoire Lagos Mainland: 33 Lagos Mainland: 116 Lagos Mainland: 10 capitalisation 4 DRC North Central: 31 North Central: 86 South South: 1 5 Ethiopia North West: 23 North West: 63 South West: 4 R317 billion 6 Ghana South East: 16 South East: 35 (US$28 billion) 7 Kenya South South: 16 South South: 47 8 Lesotho South West: 31 South West: 103 9 Malawi Total: 177 Total: 535 Total: 19 Total assets 10 Mauritius 5 R2 trillion 3 6 13 11 Mozambique 15 (US$165 billion) 12 Namibia 18 7 13 Nigeria 14 South Africa Operating 15 South Sudan 4 17 in 20 African countries 16 Swaziland 1 and 8 countries 17 Tanzania 9 outside Africa 18 Uganda 19 19 Zambia 20 12 11 20 Zimbabwe 54,558 10 2 employees 16 (3,031 in Nigeria) 8 14 1,212 branches (177 in Nigeria) 9,036 ATMs (535 in Nigeria) 12 Group results in brief Stanbic IBTC Annual group financial statements for the year ended 31 December 2017 Overview Business review Annual report & financial statements Other information 13 Recognitions SIAML SIPML PBB CIB Human Capital Awards 1. Business Day Award for Best 3. Business Day Award for Most 6. The Asian Bankers Award for Best 9. Best Sub Custodian in Nigeria 2017 15. Exceptional Investment in Employee 19. Best Human Resources Optimisation Managed Money Market Fund 2017 Innovative PFA 2017 Branch Innovation for our Digital – Global Finance (SINL) Medical and Welfare (Redbridge Award for Employee Engagement and branch (2017) Health Care – HealthMeetings.org) Internal Communications 2. Business Day Award for Best 4. African Child Prize Award for Integrity 10. Best FMDQ Registration Member Managed Fixed Income Fund 2017 in Corporate Business 2017 7. The Asian Bankers Award for Best (Quotations) – FMDQ (SICL) 16. Human Resources People Magazine 20. 2017 Chartered Institute of SME Bank in Nigeria (2017) Award for Outstanding Employee Personnel Management (“CIPM”) 5. Nigerian Customer Service Awards 11. Best Stockbroking/Investment Bank Engagement Strategy Best HR Practice Award for Excellent Service Delivery in PFA 8. Human Development Initiatives Award of the Year 2017 – BusinessDay Category 2017 for support towards tertiary education Banking Awards (SISL) 17.
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