Stanbic IBTC CEO breaks down full-year growth drivers, COVID-19 impact on business

Stanbic IBTC Holdings, a leading financial institution in Nigeria, has reported a 10.9% rise in profit after tax for the year 2020, alongside a 0.3% increase in gross earnings to 234.4 billion naira. Demola Sogunle, the CEO of Stanbic IBTC, recently spoke with CNBC Africa to delve into the key drivers behind these impressive financial results. The company's top line growth was driven by a 15% increase in non-interest revenue, as well as a 20% growth in trading revenue. Amidst the challenges posed by the COVID-19 pandemic and regulatory changes, Stanbic IBTC displayed resilience by adapting to remote work arrangements and supporting customers through various initiatives. As the world continues to adjust to the new normal, Stanbic IBTC's subsidiaries have shown strong performance, particularly in investment banking, asset management, and retail operations. The bank's retail business faced challenges due to fee reductions and lockdown restrictions, but has seen promising signs of recovery with improved current and savings account ratios and increased digital transactions. Overall, Stanbic IBTC's diversified business model and strategic initiatives have positioned them well to navigate the uncertainties brought about by the pandemic and to continue driving growth in the financial sector.