Fitch Ratings has reaffirmed its ‘AAA(nga)’ National Long-Term Rating for Stanbic IBTC Holdings, extending the Group’s hold at the top of Nigeria’s national scale to over a decade. This reaffirmation comes with a Stable Outlook, demonstrating the rating agency's confidence in the institution's ability to navigate challenging economic conditions. Stanbic IBTC has maintained its position at the top of Fitch’s national scale through a period of significant economic changes, including naira devaluation and sharp interest rate hikes.
The reaffirmation is attributed to Stanbic IBTC’s robust liquidity coverage in both local and foreign currency. The institution's loans-to-deposits ratio decreased to 63 per cent in the first quarter of 2026 from 100 per cent in 2023, as deposit growth outpaced lending. This improvement reflects the institution's effective management of its liquidity position. Additionally, Stanbic IBTC's operating profit reached a record 12.8 per cent of risk-weighted assets in the same quarter, highlighting its strong financial performance.
Stanbic IBTC's capital position has also strengthened, with the Common Equity Tier 1 (CET1) ratio rising to 18.7 per cent following a N147 billion rights issue completed in 2025. This increase in capital provides the institution with a solid foundation to support its growth and risk management strategies. The rating agency also cited the strategic backing of parent company Standard Bank Group, which holds a 68.46 per cent stake in Stanbic IBTC, as a contributing factor to the reaffirmation.
The decade-long hold at AAA is significant for various stakeholders, including clients, investors, and the wider market. For clients, it provides independent confirmation that deposits sit with a well-managed institution. For investors, it offers a reliable data point to support pricing on Stanbic IBTC’s debt and equity issuances. The rating serves as a proof point that a systemically important Nigerian institution has navigated a volatile decade without a single rating downgrade.
Reacting to the rating, Chuma Nwokocha, chief executive of Stanbic IBTC Holdings, emphasized that the rating reflects the institution's ability to deliver on its commitments year after year. He noted that holding the highest national rating from Fitch for over a decade demonstrates the soundness of Stanbic IBTC's approach to risk, governance, and operations through different economic cycles.
Stanbic IBTC restated its commitment to engaging Fitch and other rating agencies as part of its regular investor disclosure process. The institution leverages its pan-African network and shared governance standards to maintain transparency and accountability. This commitment to engagement and transparency is expected to continue, providing stakeholders with ongoing confidence in the institution's financial health and management.
The reaffirmation of Stanbic IBTC's AAA rating is a significant milestone for the institution, demonstrating its resilience and stability in the face of economic challenges. The rating is expected to have a positive impact on the institution's future growth and development, as it continues to build on its strong foundation and strategic partnerships.
Key points
- Stanbic IBTC Holdings maintains its 'AAA(nga)' National Long-Term Rating from Fitch Ratings, reflecting its strong liquidity and capital position.
- The institution's loans-to-deposits ratio decreased to 63 per cent in the first quarter of 2026 from 100 per cent in 2023.
- Stanbic IBTC's Common Equity Tier 1 (CET1) ratio rose to 18.7 per cent following a N147 billion rights issue completed in 2025.
