5

Balance sheet

analysisB

usiness review

Annual report and

financial statements

Other

information

Overview

4Stan

bic IB

TC

Annual group financial statem

ents for the year ended 31

Decem

ber 20

13

Overview

Our vision and values

Upholding the

highest levels of integrity

Our entire business

model is based on

trust and integrity as perceived by our stakeholders, especially our clients.

Grow

ing our people

We encourage and help

our people to develop to their full potential and m

easure our leaders on how

well they grow

and challenge the people they lead.

Serving our custom

ers

We do everything in our

power to ensure that w

e provide our clients w

ith the products, services and solutions to suit their needs, provided that everything w

e do for them

is based on sound business principles.

Respecting

each other

We have the highest

regard for the dignity of all people. W

e respect each other and w

hat Stanbic IB

TC stands for. W

e recognise that there are corresponding obligations associated w

ith our individual rights.

Delivering to

our shareholders

We understand that w

e earn the right to exist by providing appropriate long-term

returns to our shareholders. W

e try extrem

ely hard to m

eet our various targets and deliver on our com

mitm

ents.

Being proactive

We strive to stay ahead

by anticipating rather than reacting, but our actions are alw

ays carefully considered.

Guarding

againstarrogance

We have confidence in

our ability to achieve am

bitious goals and we

celebrate success, but we

never allow ourselves to

become arrogant.

Working

in teams

We, and all aspects of our

work, are interdependent.

We appreciate that, as

teams, w

e can achieve m

uch greater things than as individuals. W

e value team

s within and across

business units, divisions and countries.

The values that underpin our strategy

To be the leading end-to-end financial solutions provider in Nigeria through innovative

and customer-focused people.

7

Balance sheet

analysisB

usiness review

Annual report and

financial statements

Other

information

Overview

6Stan

bic IB

TC

Annual group financial statem

ents for the year ended 31

Decem

ber 20

13

Overview

Corporate profile

Stanbic IBT

C Holdings is a m

ember of Standard B

ank Group

(SBG

), which is A

frica’s largest banking group ranked by assets and earnings. It has been in business for over 15

0 years.

With a controlling stake of 53.2

% in Stanbic IB

TC Holdings

PLC, Standard B

ank employs over 4

8,0

00

people worldw

ide. W

ith headquarters in South Africa, it operates in 2

0 A

frican countries

and 13

countries

outside A

frica, including

key financial centres in Europe, the U

nited States and Asia.

Our strategy is to position ourselves as the leading end-

to-end financial services solutions provider in Nigeria. W

e offer expert services in three business areas - corporate and investm

ent banking, personal and business banking and w

ealth managem

ent.

With a team

of experienced and client-focused staff, Stanbic IB

TC offers services which include specialised finance, trade

finance, stockbroking, trusteeship, global markets, custodial

services, asset and pension managem

ent, foreign exchange, lending, savings and investm

ent products.

Stanbic IBTC H

oldings has the following eight subsidiaries:

(i) Stanbic IB

TC Bank

(including Stanbic Nom

inees Nigeria Lim

ited)(ii)

Stanbic IBTC Pension M

anagers Limited

(iii) Stanbic IB

TC Asset M

anagement Lim

ited(iv)

Stanbic IBTC Stockbrokers Lim

ited(v)

Stanbic IBTC Trustees Lim

ited(vi)

Stanbic IBTC Ventures Lim

ited(vii)

Stanbic IBTC C

apital Limited

(viii) Stanbic IB

TC Investments Lim

ited

Stanbic IBT

C Bank offers a w

ide range of comm

ercial banking products through our 18

0 branches spread across every state

in Nigeria. W

e also offer self-service channels powered by

sophisticated technology

to bring

convenient banking

to clients.

Am

ong our products are savings, current and domiciliary

accounts; high-yield

current accounts;

vehicle and

asset finance; M

asterCard debit naira cards; V

isa credit card, home

loans; insurance; mobile and internet banking; sm

all- and m

edium-scale enterprise (SM

E) loans and the award-w

inning *9

09

# M

obileMoney. W

e also offer cash managem

ent and transactional solutions com

plemented by electronic banking

solutions, custody services, foreign exchange, money m

arket and credit trading, and international trade services.

Custodial services

are offered

through Stanbic

Nom

inees N

igeria Lim

ited, our

custody arm

and

non-pension asset

custodian, w

hich acts

in a

nominee

capacity for

clients’ transactions in securities and other investm

ents.

We are a key player in financial inclusion and w

e are poised to take banking to the doorsteps of our clients in different personal and business categories w

ho desire the banking services.

Stanbic IBT

C Pension M

anagers Limited is N

igeria’s largest pension

fund adm

inistrator by

number

of clients.

It w

as licensed by the N

ational Pension Comm

ission (PenCom) in

Decem

ber 20

05

to manage retirem

ent savings in line with the

provisions of the Pension Reform

Act of 2

00

4. The company

has exceeded the 1,00

0,0

00

retirement savings accounts

(RSA

s) benchmark and in 2

013 had assets under m

anagement

of over N1.1

trillion.

The com

pany also

manages

special schem

es for

certain categories

of institutions

in the

private sector

and self-

funded public sector that have regulatory approvals under the Pension R

eform A

ct.

Stanbic IBTC Pension M

anagers enables its clients to monitor

their retirement savings accounts through the convenience

of our automated teller m

achines (ATMs) and Stanbic IB

TC m

obile app, thereby bringing services closer to clients. The com

pany enjoys a rich heritage derived from SB

G’s extensive

and proven track record in money m

anagement and long-held

values of protection and enhancement of clients’ w

ealth.

Stanbic IBT

C Asset M

anagement Lim

ited is a wholly-ow

ned asset m

anagement subsidiary of Stanbic IB

TC Holdings and is

regulated by Nigeria’s Securities and Exchange Com

mission

(SEC). The com

pany offers numerous products and services,

ranging from traditional asset classes (equities, fixed-incom

e securities, m

utual funds and dollar-denominated investm

ents) to alternative investm

ent options such as unquoted equities and private equity opportunities. W

ith seven mutual funds

under managem

ent, it is the largest independent (non-pension) asset m

anager in Nigeria.

Stanbic IB

TC’s m

utual funds

cater for

individuals and

institutional clients who seek to earn com

petitive returns in investm

ent instruments in the capital m

arket, by pursuing a diversification strategy w

ith even small am

ounts of investment

capital. Our m

utual funds have outperformed m

arket indices and other m

utual funds in Nigeria and rem

ain the first choice for discerning investors.

Stanbic IBTC A

sset Managem

ent Limited m

anages:

(i)

Stanbic IBTC N

igerian Equity Fund (SINEF)

(ii) Stanbic IB

TC Ethical Fund (SIEF)(iii)

Stanbic IBTC B

alanced Fund (SIBA

L)(iv)

Stanbic IBTC G

uaranteed Investment Fund (SIG

IF)(v)

Stanbic IBTC M

oney Market Fund (SIM

MF)

(vi) Stanbic IB

TC Bond Fund (SIB

ON

D)

(vii) Stanbic IB

TC Um

brella Fund (SIUF)

Stanbic IBTC N

igeria Equity Fund is Nigeria’s largest m

utual fund. The Stanbic IB

TC Money M

arket Fund is the country’s highest rated fund w

ith an AA

(f) in 2013

by Agusto and Co.

This remains the highest rating conferred on a m

utual fund in N

igeria by the rating agency.

Stanbic IBT

C Stockbrokers Limited is the w

holly-owned

stockbroking subsidiary of Stanbic IBTC H

oldings. Licensed by the Securities and Exchange Com

mission, it com

menced

operations in 1992.

The company w

as set up to provide world class stockbroking

services to local and foreign investors in the Nigerian capital

market. It is the largest stockbroker in N

igeria based on the value of shares traded on The N

igerian Stock Exchange.

In 2012

, Stanbic IBTC Stockbrokers Lim

ited was appointed

stockbroker to the government by the D

ebt Managem

ent O

ffice (DM

O) and also is one of the m

arket makers on the

stock exchange.

The com

pany has

acted successfully

as the stockbroker to other m

ajor primary m

arket transactions in

Nigeria.

It is

positioned to

remain

Nigeria’s

leading stockbroking firm

by providing exceptional service to clients w

hile living their values and operating with the highest level

of professionalism and integrity.

Stanbic IBT

C Trustees Limited com

menced operations in

January 2011. The com

pany acts as executors and trustees of w

ills, settlements and trusts of all kinds, w

hether made

by or on behalf of its clients or other parties. The company

also undertakes the execution of wills and trusts of all kinds

within N

igeria. It focuses on providing a best-value offering to individuals and corporate organisations. It seeks to protect interests in assets via tim

ely execution of clients’ wishes to

ensure security and liquidity of trust assets.

Stanbic IBT

C Ventures Lim

ited was established to undertake

venture capital projects on behalf of the group. The company

applies its managerial and technical expertise in this area in

the development of businesses, helping our clients to achieve

their objectives.

Stanbic IBT

C Capital Lim

ited was incorporated as a lim

ited-liability com

pany in May 2

012 ow

ing to the restructuring in Stanbic IB

TC Bank. The com

pany has a strong track record of bringing local issuers to dom

estic capital markets. It is

one of the leading players in debt origination in Nigeria; w

ith expertise in structuring solutions custom

ised to our clients’ specific requirem

ents. The company provides services in the

debt capital and equity capital markets, w

hich include initial public

offerings (IPO

), follow

-on public

equity offerings,

private placements, rights issues and stock exchange listings.

Other services provided include advice in the financial, m

ining, energy and infrastructure fields.

Stanbic IBT

C Investments Lim

ited was incorporated as a

limited liability com

pany in May 2

012. The company acts as an

investment com

pany and the managem

ent and investment of

venture capital funds. Its offerings include property finance, project and structured finance, financial advisory and real estate finance.

9

Balance sheet

analysisB

usiness review

Annual report and

financial statements

Other

information

Overview

8Stan

bic IB

TC

Annual group financial statem

ents for the year ended 31

Decem

ber 20

13

Overview

Corporate profile

Gross reven

ue

Total dep

osits

Total in

come

Gross loan

s and ad

vances

Corporate andInvestm

ent Banking5

2%

Wealth 1

7%

Personal and business banking

31

%

Gross revenue

N5

8.5

billionCorporate and investm

ent banking services to governm

ent, parastatals, larger corporates, financial institutions and

international counter-parties

in Nigeria.

Gross revenue

N3

4.0

billionBanking and other financial services to individual custom

ers and small

to medium

sized enterprises.

Gross revenue

N18

.7 billion

Investment

managem

ent in

form

of asset

managem

ent, pension

fund adm

inistration and trusteeship.

Corporate and

Investment B

anking(CIB)

Personal and

Business B

anking(P

BB

) W

ealth

Corporate andInvestm

ent Banking4

8%

Wealth 2

2%

Personal and business banking

30

%

Corporate andInvestm

ent Banking5

2%

Corporate andInvestm

ent Banking5

6%

Personal and Business Banking

48

%

Personal and Business Banking

44

%

99

.9%

70

.69

9.9

%9

9.9

%9

9.9

%9

9.9

%

Stanbic IBTC

Bank P

LC

Stanbic IBTC

Pension

Managers

Limited

Stanbic IBTC

TrusteesLim

ited

Stanbic IBTC

Nom

ineesN

igeriaLim

ited

Stanbic IBTC

StockbrokersLim

ited

Stanbic IBTC

Asset

Managem

entLim

ited

Stanbic IBTC

Ventures

Limited

Former stru

cture

New

structure

99

.9%

99

.9%

99

.9%

99

.9%

99

.9%

70

.6%

99

.9%

99

.9%

99

.9%

Stanbic IBTC

Holdings P

LC

Stanbic IBTC

Bank P

LCStanbic IB

TCA

sset M

anagement

Limited

Stanbic N

ominees

Nigeria

Limited

Stanbic IBTC

Capital

Limited

Stanbic IBTC

Stockbrokers Lim

ited

Stanbic IBTC

Pension

Managers

Limited

Stanbic IBTC

Trustees Lim

ited

Stanbic IBTC

Investments

Limited

Stanbic IBTC

Ventures

Limited

11

Balance sheet

analysisB

usiness review

Annual report and

financial statements

Other

information

Overview

10

Stanb

ic IBT

C A

nnual group financial statements for the year ended 3

1 D

ecember 2

01

3

Overview

Our netw

ork

1A

ngola

2Botsw

ana

3Cote d’ivoire

4D

RC

5Ethiopia

6G

hana

7Kenya

8Lesotho

9M

alawi

10M

auritius

11M

ozambique

12N

amibia

13N

igeria

14South A

frica

15South Sudan

16Sw

aziland

17Tanzania

18U

ganda

19Zam

bia

20Zim

babwe

10

1120

19

9 174

18

7

5

1513

63

1

2

12

16

8

14

Market capitalisation

R20

9 billion

(USD

20 billion)Total assets

R1,694

billion (U

SD162 billion)

Operating in

20 A

frican countriesand 13

countries outside Africa

Branches

12

FCT Abuja region

15

Lagos Island region

48

Lagos Mainland region

8N

orth Central region

9N

orth East region

22

North W

est region

21

South East region

12

South South region

33

South West region

ATM

s

21

FCT Abuja region

41

Lagos Island region

98

Lagos Mainland region

16

North Central region

13

North East region

38

North W

est region

31

South East region

35

South South region

66

South West region

48

,80

8 em

ployees (2,077 in N

igeria) 1,283

branches (180 in N

igeria) 9,30

0 ATM

s (359 in N

igeria)

Group overview

Nigeria overview

13

Balance sheet

analysisB

usiness review

Annual report and

financial statements

Other

information

Overview

12

Stanb

ic IBT

C A

nnual group financial statements for the year ended 3

1 D

ecember 2

01

3

Overview

Recognition

Aw

ards and Recognition

1. B

est Foreign Exchange P

rovider in Africa and N

igeria G

lobal Finance Aw

ards 20

13

2.

M &

A D

eal of the Year The Banker’s aw

ards (20

13

) for the Tiger Brand’s acquisition of a 6

3 percent stake in N

igeria’s Dangote

Flour Mills

3.

Structured Finance Deal of the Year

(The Banker’s awards (2

01

3) for the U

SD1

50

-million

Skye Bank Rem

ittances Future Flow Securitisation

in Nigeria

4.

Best sub-custodian bank in N

igeria 2013

Global Finance m

agazine awards

5. B

ank of the Year The N

igerian Auto A

wards 2

01

3 (O

n Wheels A

uto A

wards 2

01

3)

6.

Most innovative banking product

Stanbic IBTC Bank consumer loan (Businessday A

nnual A

wards 2

01

3)

7. B

est Investment M

anagement Com

pany in Nigeria

W

orld Finance (awarded to Stanbic IBTC A

sset

Managem

ent)

8.

Best Investm

ent Bank in N

igeria

EMEA

Aw

ards

9. B

est Broker in N

igeria

EMEA

Aw

ards

10. B

est Sub-Custodian in Nigeria

G

lobal Finance Magazine at SIBO

S

11. Best FX P

rovider in Nigeria

G

lobal Finance Magazine at SIBO

S

12. 2

013 B

est Bank in N

igeria Aw

ard

Euromoney R

eal Estate Survey

13. T

he Most active D

ealing Mem

ber Firm

(Stockbroking)

The Nigerian Stock Exchange CEO

Aw

ard 20

13