Fitch Ratings has affirmed Stanbic IBTC Bank PLC (SIBTC) Long Term National Ratings of AAA(nga). This is the highest rating assigned by the agency on its National Rating scale with the lowest expectation of default risk.

Stanbic IBTC rating was based on the strong support of its parent — Standard Bank Group Limited and its robust financial performance, which is underpinned by a strong capital base, good liquidity profile and sound risk management practices.

Stanbic IBTC is well capitalized and liquid. The Bank’s capital adequacy ratio of 29% as at end September 2010 is well above the 10% regulatory minimum, while its liquidity ratio in excess of 50% as at same date is twice the statutory minimum.

The Bank’s well diversified business model has hugely contributed to its revenue streams in a challenging and competitive operating environment. SIBTC earnings are benefitting from increasing transactional banking volumes, closure of good advisory mandates and steady growth within its wealth business.

The Bank is committed to investment in infrastructure, people and systems for future growth, whilst focusing on cost and operational efficiency.

SIBTC has grown its branch network to 123 from 68 at the beginning of the year and also increased its Automated Teller Machines to 181 from 131 in January 2010 to support growth in its retail and commercial banking franchise.

The Bank continues to grow its assets responsibly supported by sound risk management practices, which are guided by international best practices.