Fitch Reaffirms Stanbic IBTC AAA Rating Amid Naira Devaluation, Recapitalisation Tests

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.

The reaffirmation, which comes with a Stable Outlook, extends Stanbic IBTC’s position at the top of Fitch’s national scale through a period that included naira devaluation, sharp interest rate hikes and the CBN-mandated bank recapitalisation exercise.

According to Fitch, the rating reflects Stanbic IBTC’s liquidity coverage in both local and foreign currency, a loans-to-deposits ratio that fell to 63 per cent in the first quarter of 2026 from 100 per cent in 2023 as deposit growth outpaced lending, and operating profit that reached a record 12.8 per cent of risk-weighted assets in the same quarter.

Its capital position 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. Fitch also cited the strategic backing of parent company Standard Bank Group, which holds a 68.46 per cent stake in Stanbic IBTC.

The decade-long hold at AAA is significant for different stakeholders. 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.

For the wider market, it serves as a proof point that a systemically important Nigerian institution has come through a volatile decade without a single rating downgrade.

Reacting to the rating, the chief executive, Stanbic IBTC Holdings, Chuma Nwokocha, said, “a rating reflects whether an institution does what it says it will do, year after year. Holding the highest national rating from Fitch for over a decade tells us our approach to risk, governance, and how we run Stanbic IBTC has remained sound through very different economic cycles. It gives our clients and partners a clear, independent reference point as they choose who to bank with.”

Stanbic IBTC said it restated its commitment to engaging Fitch and other rating agencies as part of its regular investor disclosure process, leveraging its pan-African network and shared governance standards.