financial results presentation - the vault contents • the operating environment • financial...

Financial results presentation

For the year ended 31 December 2012 and 3 months ended 31 March 2013

Contents

• The operating environment

• Financial analysis

o FY 2012 results analysis

o 1Q 2013 results analysis

• Business unit analysis

• Prospects and outlook

• Q & A

This presentation is based on the consolidated financial statements of Stanbic IBTC Holdings PLC and its subsidiaries. All financial

results in this presentation are presented on an International Financial Reporting Standards(IFRS) basis.

2 Stanbic IBTC FY 2012 & 1Q 2013 financial results presentation

Operating environment

Sola David-Borha

Chief executive officer


Operating environment

Market was impacted by:

• Sustained monetary policy tightening by the

central bank;

• Improved capital market performance,

especially in the second half of 2012, which

continued in 1Q 2013. NSE ASI grew by 35%

in 2012 and 19% in 1Q 2013;

• Improved yields in government securities in

2012, but this trended downwards in 1Q

2013;

• Slow growth in private sector credit and

continued competition for better quality risk

assets;

• Ongoing economic reforms in the key

sectors of the economy.; and

• Rapidly changing regulatory environment.

Results reflect the following:

• Increased transactional volumes and

activities, with positive impact on revenue;

• Improved revenues from our capital market

related businesses attributable to the bullish

market in the second half of 2012 and in Q1

2013 ;

• Sustained growth in deposit liabilities;

• Diversified business, strong capital and

liquidity positions;

• Resolution of top 2 NPLs in the last quarter of

2012;

• Adoption of HoldCo structure in the last

quarter of 2012;

• High cost of funding due to monetary policy

tightening and wholesale funding; and

• Growth in credit impairment charges.


Financial analysis

Ronald Pfende

Chief financial officer


FY 2012 results analysis


FY 12: Performance highlights

Continued growth

in revenues and

profitability

• Gross earnings; up 45% to N91.9 billion (2011: N63.4 billion)

• Net interest income; grew 21% to N33.6 billion (2011: N27.6 billion)

• Non - interest revenue; up 23% to N33.9 billion (2011: N27.6 billion)

• Total income; increased 22% to N67.4 billion (2011: N55.2 billion)

• Profit before tax; up 16% to N11.7 billion (2011: N10.1 billion)

• Profit after tax; grew 53% to N10.2 billion (2011: N6.6 billion)

Continued growth

in business

operations

• Gross loans & advances of N279.5 billion (2011: N266.1 billion)

• Deposit liabilities of N355.4 billion (2011: N287.2 billion)

• Total assets of N676.8 billion (2011: N554.5 billion)


FY 12: Performance highlights

• Net interest margin 4.96% (2011: 4.98%)

• Cost-to-income ratio 72.4% (2011: 75.6%)

• Pre tax return on average equity 14.4% (2011:12.2%)

• After tax return on average equity 10.9% (2011: 6.8%)

• Pre-tax return on average assets 1.9% (2011: 2.1%)

• NPLs/total loans 5.1% (2011: 6.7%)

• Credit loss ratio 2.5% (2011: 1.3%)

• Liquidity ratio 45.5% (regulatory minimum :30%)

• Capital adequacy 22.3% (statutory minimum: 10%)

• Earnings per share 50 kobo (2011: 30 kobo)

• Price to book 1.3x (2011: 1.9x)

Selected returns

and ratios


FY 12: Summarised group income statement

FY 2012

Nmillion

change

%

FY 2011

Nmillion

Interest income 57,818 63 35,428

Interest expense (24,264) >100 (7,786)

Net interest income 33,554 21 27,642

Non interest revenue 33,856 23 27,605

Net fee & commission revenue 25,568 39 18,388

Trading revenue 8,091 (9) 8,845

Other revenue 197 (47) 372

Operating income 67,410 22 55,247

Less: Credit impairment charges (6,895) >100 (3,349)

Operating expenses (48,789) 17 (41,792)

Profit before tax 11,726 16 10,106

Tax (1,569) (55) (3,463)

Profit after tax 10,157 53 6,643


FY12: Summarised group income statement

2H 2012

Nmillion

change

%

1H 2012

Nmillion


Interest expense (13,498) 25 (10,766)

Net interest income 16,324 (5) 17,230


Net fee & commission revenue 14,466 30 11,102

Trading revenue 5,505 >100 2,586

Other revenue 67 (48) 130


Less: Credit impairment charges (5,605) >100 (1,290)


Profit before tax 5,608 (8) 6,118

Tax (444) (61) (1,125)


Cost-to-income ratio 69.2% 76.1%


FY 12: Group income statement quarterly analysis

4Q 2012

Nmillion

3Q 2012

Nmillion

2Q 2012

Nmillion

Q1 2012

Nmillion

Interest income 15,283 14,539 14,075 13,921

Interest expense (8,330) (5,168) (5,103) (5,663)

Net interest income 6,953 9,371 8,972 8,258

Non interest revenue 12,538 7,500 7,387 6,431

Fee & commission revenue 8,433 6,033 6,024 5,078

Trading revenue 4,046 1,459 1,259 1,327

Other revenue 59 8 104 26

Operating income 19,491 16,871 16,359 14,689

Less: Credit impairment charges (3,820) (1,785) (1,011) (279)

Operating expenses (12,962) (12,187) (12,687) (10,953)

Profit before tax 2,709 2,899 2,661 3,457

Tax 451 (895) (169) (956)

Profit after tax 3,160 2,004 2,492 2,501

Cost-to-income ratio 66.5% 72.2% 77.6% 74.6%


Revenue evolution

20,447 27,642 33,554

5.28% 4.98% 4.96%

5.23% 4.38%

3.94%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2010 2011 2012

Net Interest income

Net interest margin before impairment charges on total assets

Net interest margin after impairment charges on total assets

Nmillion

Net interest income and net interest margin

CAGR (2010- 2012): 28%

52% 45%

3%

2011

40%

55%

5%

Corporate & Investment Banking Personal & Business Banking Wealth

Net interest income by business unit

2012

3.4% 3.8%

7.1% 7.6%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

2012 2011

Corporate & Investment Banking Personal & Business Banking

Net interest margin by business unit • Net interest income grew by 21%, benefitting from 63%

growth in interest income chiefly on the back of

increased income form lending activities and improved

yield on government securities but the growth was

hampered by the significant growth in interest expense

driven by high cost of funding and sustained high

monetary policy rate.

• Net interest margin reduced slightly to 4.96% from 4.98%

in 2011 as a result of the high interest rate environment

and higher cost of funding especially in the corporate

segment.

• Slight decline in net interest margin in the Corporate and

Investment Banking business as well as in the Personal

& Business Banking business segments.


Revenue evolution

29,594 27,605 33,856

59.1% 50.0%

50.2%

0%

10%

20%

30%

40%

50%

60%

70%

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2010 2011 2012

Non- Interest revenue Percentage of total income

Nmillion

Non-interest revenue

CAGR (2010- 2012): 7%

60% 67%

75%

39% 32%

24%

1% 1% 1%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2010 2011 2012

Fees & commissions Trading income Other income

Breakdown of non-interest revenue

54%

12%

34%

2011

48%

15%

37%


Non-interest revenue by business unit

2012

• Non-interest revenue grew by 23% on the back of

increased transactional volumes and value per

transaction, steady growth within our wealth business

and gradual recovery of the capital market in the

second half of 2012 .

• Fee and commission revenue continued to be the

major driver of non-interest revenue.

• Increased contribution to non-interest revenue from

the Wealth business driven by growth in assets under

management and number of clients. PBB’s NIR

contribution improved to 15% from 12% in 2011.


Revenue evolution

• Total income increased by 22% to N67.4 billion in

2012. This growth is supported by increase in

transaction volumes and activities and increased

revenue from lending activities.

• Increased contribution to total income by Wealth and

Personal & Business Banking business units from

18% in 2011 to 23% and 29% in 2011 to 35%

respectively.

• Revenue growth outpaced cost growth as we continue

to leverage our expanded network.

50,041 55,247

67,410

10,333 6,643

10,157

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2010 2011 2012

Total income Profit after tax Profit after tax / total income

Nmillion

Total income

CAGR (2010- 2012): 16%

14 16

22 20

21

17

0

5

10

15

20

25

2010 2011 2012

Total income growth Total cost growth

Growth %

Total income

44%

35%

21%


Total income by business unit

2012 2011

53%

29%

18%


Expenses evolution

• Interest expense grew significantly by over 100% to N24.3 billion. The

growth is attributable to monetary policy tightening with the resultant

increase in cost of funding as well as concentration of wholesale funding in

our deposit book.

• Operating expenses grew by 17% due to inflation related salary increases

and increased headcount of temporary staff as well as increased information

technology cost for securing competitive advantage in business efficiency.

• Cost-to-income ratio witnessed gradual improvement in 2012 as it reduced

to 72.4% from 75.6% in 2011. As we continue to leverage our expanded

footprint, with the expected increase in revenues, the cost-to-income ratio

will continue to witness a gradual decline.

• The effective tax rate was down to 13.4% in 2012 as we benefitted from tax

savings from income derived from investment in government securities.

34,476 41,792 48,789

68.6%

75.6% 72.4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

0

10,000

20,000

30,000

40,000

50,000

60,000

2010 2011 2012

Nmillion

Operating expenses

44% 43% 41%

12% 8% 7%

45% 49% 52%

0%

20%

40%

60%

80%

100%

2010 2011 2012

Other operating expenses Depreciation Staff cost

Breakdown of operating expenses

4,073 3,463 1,568

26.1%

34.3%

13.4%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2010 2011 2012

Taxation charge Effective tax rate

Nmilli

Taxation and effective tax rate


3,895

7,786

24,264

-

5,000

10,000

15,000

20,000

25,000

30,000

2010 2011 2012

Interest expense

Nmillion

Expense evolution

• Credit impairments grew by over 100% in 2012. The

increase was largely as a result of higher specific

impairment provisioning within the CIB as 3 new

corporate loans were provisioned during the year.

• Corporate lending and instalmental sales and finance

leases products jointly accounted for 65% of total

impairment charges.

• PBB accounted for a larger portion of the credit

impairment charges as we continued to take a

conservative stance against impairments in that business

unit in the light of the prevailing high interest rate

environment during 2012.

48% 52%


Credit impairments by business unit

2012

13%

87%

2011

(2,167)

2,381

6,391

2,358

968 504

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

(4,000)

(2,000)

0

2,000

4,000

6,000

8,000

2010 2011 2012

Impairment charge on non-perfroming loans

Impairment charge on performing loans

Credit loss ratio

Nmillio

Credit impairment charges


Change 2012 2011

% Nmillion Nmillion

Mortgage lending (46) 219 409

Instalmental sales and finance lease > 100 1,149 91

Cards (100) 0 41

Corporate lending > 100 3,330 421

Other loans and advances (8) 2,197 2,387

Total credit impairment charges > 100 6,895 3,349

Credit impairment charges by product

FY 12: Group quarterly statement of financial position

4Q 2012 3Q 2012 Q2 2012 Q1 2012

Nmillion Nmillion Nmillion Nmillion

Cash and balances with central banks 76,933 44,790 36,391 41,895

Trading assets 114,877 157,091 75,974 158,282

Pledged and derivative assets 26,149 25,579 27,902 23,882

Financial investments 85,757 64,963 71,159 74,872

Loans and advances 320,662 291,939 320,956 302,559

Loans and advances to banks 54,318 30,872 48,498 35,958

Loans and advances to customers 266,344 261,067 272,458 266,601

Other assets 22,771 18,909 14,749 35,466

Current and deferred tax assets 5,212 2,905 2,881 2,663

Intangible assets - 3,791 3,827 3,879

Property and equipment 24,458 24,217 23,603 23,946

Total assets 676,819 634,184 577,442 667,444

Liabilities

Derivative liabilities 772 220 295 624

Trading liabilities 88,371 104,675 106,478 164,336

Customers deposits 382,051 341,785 262,672 293,806

Deposits and current accounts from banks 26,632 25,950 16,473 23,221

Deposits and current accounts from customers 355,419 315,835 246,199 270,585

Other borrowings 66,873 55,229 53,960 40,584

Current and deferred tax liabilities 4,844 2,999 3,775 6,034

Other liabilities 48,257 39,846 63,580 76,850

Total liabilities 591,168 544,754 490,760 582,234

Equity 83,341 87,452 85,132 83,054

Non-controlling interest 2,310 1,978 1,550 2,156

Liabilities and equity 676,819 634,184 577,442 667,444


FY 12: Group statement of financial position

2012 Change 2011

Nmillion % Nmillion

Cash and balances with central banks 76,933 >100 30,074

Trading assets 114,877 73 66,476

Pledged and derivative assets 26,149 16 22,582

Financial investments 85,757 (4) 88,877

Loans and advances 320,662 6 302,771

Loans and advances to banks 54,318 18 46,051

Loans and advances to customers 266,344 4 256,720

Current and deferred tax assets 5,212 95 2,668

Other assets 22,771 >100 11,299

Intangible asset - (100) 5,036

Property and equipment 24,458 (1) 24,724

Total assets 676,819 22 554,507

Trading liabilities 88,371 40 63,173

Derivative liabilities 772 3 749

Customer and current accounts 382,051 24 299,787

Deposits and current accounts from banks 26,632 >100 12,545

Deposits and current accounts from customers 355,419 24 287,242

Other borrowings 66,873 40 47,618

Current and deferred tax liabilities 4,844 (7) 5,187

Other liabilities 48,257 (14) 56,215

Total liabilities 591,168 25 472,729

Equity 83,341 4 79,867

Non-controlling interest 2,310 21 1,911

Liabilities and equity 676,819 22 554,507


Loans and advances

185.0

266.1 279.5

0.0

50.0

100.0

150.0

200.0

250.0

300.0

2010 2011 2012

Nbillion

Gross loans and advances

CAGR (2010- 2012):23%

14% 11% 10%

5% 5% 4%

73% 74% 75%

8% 10% 11%

0%

20%

40%

60%

80%

100%

2010 2011 2012

Instalmental sales and finance leasesTerm loansHome loansOverdrafts

Breakdown of loans and advances

Agriculture 3.7% Finance & Insurance

0.9% General commerce

18.1%

Manufacturing

24.3%

Oil & gas 11.5%

Transport & comm 17.6%

Consumer credit 12.8%

Govt. 1.6%

Mortgage 3.8%

Real est.& constr. 5.6%

Loans and advances by sector

• Loan book witnessed moderate growth of 5% YoY despite

increased competition for good quality credits especially in

the corporate space as well as sell down of some existing

large exposures to comply with a reduced single obligor limit

post the HoldCo restructuring in Q3 2012 and sale of eligible

assets to AMCON in 4Q 2012. Adjusting for the sell down,

loan book would have increased by 15%.

• Potential increase in annuity income as medium to long term

loans accounted for 75% of total loan portfolio.

• Well diversified portfolio supporting all sectors of the

economy.

• Increased contribution to total loan book by Personal and

business banking business unit from 35% in 2011 to 38%.

62%

38%

Corporate Investment Banking Personal & Business Banking

Loans advances by business unit

2012

65%

35%

2011


Loans and advances performance

• NPLs reduced by 13% to N14.3 billion, while the ratio NPLs /total

loans improved to 5.1% from 6.2% in 2011.

• NPLs benefitted from sales of 2 eligible assets to AMCON in Q4

2012. Total consideration of N8.9 billion was received for these

assets, with total value of N12.3 billion, thus representing a 38%

discount. However, the sale impacted net interest income

positively by N417million.

• The largest NPL in the book, an oil & gas name was resolved in

2012, thus reducing the oil & gas contribution to NPL from 57.4%

in 2011 to 1.8% in 2012.

• PBB’s share of total NPLs increased to 60% from 18% in 2011.

The increase is attributable to the high interest rate environment,

which placed some strain on retail customers. PBB NPL ratio

increased to 8.2%, slight above our 7% internal guidance.

12,767 16,554 14,340

7.0% 6.2%

5.1%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2010 2011 2012

Non performing loans NPL/ total loans

Nmill

Non-performing loans and NPL ratio

Agric. 2.2% Fin. &

ins. 0.0% Gen.

comm. 21.6%

Manufacturing

23.8% Oil & gas 1.8%

Trans & comm. 14.7%

Consumer credits

9.8%

Mortgage 7.3%

Real est. & constr. 18.8%

2012

Agric. 0.1%

Fin. & ins.

2.1%

Gen. comm. 9.0%

Manufacturing

15.9%

Oil & gas 57.4%

Trans. & comm. 8.5%

Consumer credits 3.1%

Mortgage 3.7%

Real est. & constr.

0.1%

2011

Non-performing loans by sector

60%

40%

Personal & Business Banking Corporate & Investment Banking

Breakdown of NPLs by business unit

2012

18%

82%

2011


Deposits and current accounts

• Deposit book grew by 24% to N355.4 billion on the

back of growing customer base as we continued to

leverage our expanded footprint, structure products

that meet customers’ needs and provide excellent

service.

• The continued tightening of the monetary policy

exerted pressure on the deposit mix. The deposit

mix was 49% in favour of low cost deposits as

against 51% achieved in FY 2011.

• Growing contribution to deposits by Personal and

Business Banking business segment.

186.1

287.2

355.4

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

2010 2011 2012

Nbillion

Deposits from customers

CAGR (2010- 2012):38%

43% 37% 39%

5% 4% 4%

7% 10% 6%

45% 49% 51%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2010 2011 2012

Current deposits Savings deposits Call deposits Term deposits

Breakdown of deposits by product

54%

46%


Deposit liabilities by business unit

2012

61%

39%

2011


Funding, liquidity and capital

• Stable source of funding to exploit market

opportunities.

• Total assets funded chiefly from deposit liabilities.

• Liquidity ratio of 46% significantly above the 30%

statutory requirement.

• Strong capital adequacy ratio of 22% to pursue

growth opportunities and support business risks and

contingencies.

53% 52% 48%

4% 2% 2%

13% 11%

13%

10% 9%

5%

8% 11%

10%

13% 15% 23%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2010 2011 2012

Deposits from customers Deposits from banks Trading liabilities

Other borrowings Other liabilities Equity

Funding mix

51.4%

71.4%

45.5%

0%

10%

20%

30%

40%

50%

60%

70%

80%

2010 2011 2012

Liquidity ratio Statutory minimum

Liquidity ratio

32.2

20.8 22.3

31.4

19.4 20.7

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

2010 2011 2012

Capital adequacy ratio Tier 1 capital adequacy ratioStatutory minimum Optimum capital

%

Capital adequacy ratio


Group shareholder value

• Gradual improvement in return on average equity to 10.9% from 6.8% in 2011 despite the challenging operating

condition.

• Continued focus on improving shareholder value.

• A dividend of 10 kobo per share is proposed and a further distribution of 70 kobo in form of interim dividend will be paid

later in the year, after the subsidiaries pay dividends to the HoldCo.

84,799 82,735 81,604

11.4%

6.8%

10.9%

15.3%

12.2%

14.4%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

2010 2011 2012

Shareholders' fund (average) ROaE (PAT) ROaE (PBT)

Nmillion

Average shareholders’ funds and return on equity

463.9 436.1 856.5

2.0

1.9

1.3

0.0

0.5

1.0

1.5

2.0

2.5

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

2010 2011 2012

Net asset value per share Price- to- book

kobo Times

Net asset value per share and price-to-book


1Q 2013 results analysis


1Q 13: Performance highlights

Continued growth

in revenues and

profitability

• Gross earnings; up 30% to N26.6 billion (1Q 12: N20.4 billion)

• Net interest income was flat at N8.3 billion (1Q 12: N8.3 billion)

• Non - interest revenue; up 85% to N11.9 billion (1Q 12: N6.4 billion)

• Total income; increased 37% to N20.1 billion (1Q 12: N14.7 billion)

• Profit before tax; up 37% to N4.8 billion (1Q 12: N3.5 billion)

• Profit after tax; grew 43% to N3.6 billion (1Q 12: N2.5 billion)

Continued growth

in business

operations

• Gross loans & advances of N284.1 billion (FY 2012: N279.5 billion)

• Deposit liabilities of N423.6 billion (FY 2012: N355.4 billion)

• Total assets of N884.7 billion (FY 2012: N676.8 billion)


1Q 13: Performance highlights

• Net interest margin (annualised) 5.3% (1Q 12: 6.5%)

• Cost-to-income ratio 67.0% (1Q 12: 74.6%)

• Annualised pre tax ROaE 22.3% (1Q 12:16.8%)

• Annualised after tax ROaE 14.9% (1Q 12:11.0%)

• Annualised after-tax ROaA 1.8% (1Q 12: 1.6%)

• Credit loss ratio 0.7% (1Q 12: 0.1%)

• NPLs/total loans 5.3% (FY 12: 5.1%)

• Liquidity ratio 64.1% (regulatory minimum :30%)

• Capital adequacy 18.2% (statutory minimum: 10%)

Selected returns

and ratios


1Q 13: Summarised group income statement

1Q 2013

Nmillion

change

%

1Q 2012

Nmillion


Interest expense (6,411) 13 (5,663)

Net interest income 8,255 0 8,258


Net fee & commission income 6,968 37 5,078

Trading revenue 4,887 >100 1,327

Other income 17 (35) 26


Less: Credit impairment charges (1,885) >100 (279)


Profit before tax 4,752 37 3,457

Tax (1,179) 23 (956)



Revenue evolution

47%

47%

6%


Contribution to net interest income by business unit

Net interest income and net interest margin Breakdown of net interest income

49% 47%

4%

1Q 2012 1Q 2013

• Net interest income growth was flat in 1Q 2013 despite

5% growth in interest income as interest expense grew

by 13%. Interest expense growth rate has started

witnessing a gradual reduction as funding cost is

beginning to show signs of improvement.

• In the near term, net interest income will benefit from

improvement in funding cost as we continue to reduce

contractual expensive deposits in favour of lower priced

deposits.

• Net interest margin decreased to 5.3% from 6.5% in 1Q

2012, however, this still represent a 35bps recorded in

4Q 2012 due to the improvement in the interest rate

environment.

6,618 8,258 8,255

7.6%

6.5%

5.3%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

1Q 2011 1Q 2012 1Q 2013

Net interest income Net interest margin

Nmillion

28

Change 1Q 2013 1Q 2012

% Nmillion Nmillion

Interest income 5 14,666 13,921

Interest on loans & advances to

customers 3 10,572 10,290

Interest on loans & advances banks > 100 442 23

Interest on investment 1 3,652 3,608

Interest expense 13 6,411 5,663

Savings accounts 21 56 47

Demand deposits 44 157 108

Term deposits 16 5,739 4,944

Other interest bearing liabilities (18) 459 563

Net interest income (0) 8,255 8,258

Stanbic IBTC FY 2012 & 1Q 2013 financial results presentation

Revenue evolution

Contribution to non-interest revenue by business unit

Breakdown of non-interest revenue

1Q 2013

• Non-interest revenue increased by 85% on the back of

a 37% growth in net fee and commission revenue and a

more than 100% growth in trading revenue.

• The growth in net fee and commission revenue is

supported by the steady growth within our wealth

business, bullish trend in the capital market in 1Q 2013

and increased transaction volumes.

• Trading revenue benefitted from increased transaction

volumes and volatility chiefly in the fixed income and

foreign exchange trading.

• 1Q 2013 was an exceptional quarter for global markets

business, with positive impact on CIB revenue.

5,766 6,431

11,872

-

2,000

4,000

6,000

8,000

10,000

12,000

1Q 2011 1Q 2012 1Q 2013


Nmillion

58%

14%

28%


45%

17%

38%

1Q 2012

29

Change 1Q 2013 1Q 2012

% Nmillion Nmillion

Net fee & commission revenue 37 6,968 5,078

Account transaction fees 9 895 820

Knowledge based fees and commission 35 4,538 3,374

Foreign currency service fees 3 304 293

Documentation and administration fees 34 409 305

Other fee & commission revenue >100 822 286

Trading revenue >100 4,887 1,327

Foreign exchange 30 1,456 1,124

Bond and treasury bills >100 619 154

I Interest rates >100 2,812 49

Other revenue (35) 17 26

Other non-bank revenue (35) 17 26

Total non-interest revenue 85 11,872 6,431


Revenue evolution

Contribution total income by business unit • Total income increased by 37% to N20.1 billion driven

principally by a significant 85% growth in non-interest

revenue.

• Increased contribution by corporate and investment

banking business unit to total income on the back of

increased trading revenue.

• Profit before tax grew by 38% to N4.8 billion, while profit

after tax increased by 43% to N3.6 billion.

• Revenue growth continued to outpace cost growth. Total

revenue grew by 37%, while total cost increased by

23%.

12,384

14,689

20,127

0

5,000

10,000

15,000

20,000

25,000

1Q 2011 1Q 2012 1Q 2013

Total income

CAGR (1Q 2011-1Q-2013):27%

Nmillion

1,530

3,457

4,752

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

1Q 2011 1Q 2012 1Q 2013

CAGR (1Q 2011-1Q-2013) 76%:

Nmillion

Profit before tax

1,061

2,501

3,573

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

1Q 2011 1Q 2012 1Q 2013

Profit after tax

CAGR (1Q 2011-1Q-2013): 84%

Nmillion

54%

27%

19%


1Q 2013 1Q 2012

46%

35%

19%


Expense evolution

• Interest expense grew by 13% as funding cost is

witnessing improvement as a result of improvement

in deposit mix.

• Operating costs grew by 23%, driven by a 22% and

24% growth in staff costs and other operating

expenses respectively. Staff cost was affected by

growth in headcount of non-full time staff and sales

agent to ensure better service for our customers,

while other operating expenses were impacted by the

increase in information technology for business

efficiency, premises expenses and increased AMCON

sinking fund contribution.

• Continued improvement in cost-to-income ratio as the

ratio reduced to 67% from 75% in 1Q 2012.

1,135

5,663

6,411

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

1Q 2011 1Q 2012 1Q 2013

Interest expense

Nmillion

9,859 10,953 13,490

80% 75%

67%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

1Q 2011 1Q 2012 1Q 2013

Operating expenses Cost-to-income ratio

Nmillion

Operating expenses and cost-to-income ratio

Breakdown of operating expenses

Change 1Q 2013 1Q 2012

% Nmillion Nmillion

Staff costs 22 5,910 4,855

Salaries and allowances 22 5,910 4,8558

Other operating expenses 24 7,580 6,098

Depreciation 0 875 872

Information technology 82 1,088 599

Marketing and advertising 2 424 416

Premises and maintenance 27 1,179 929

Travel and Transportation 15 306 267

NDIC deposit insurance 51 519 343

AMCON sinking fund 69 814 481

Professional fees 20 1,046 874

Others 1 1,329 1,317

Total operating expenses 23 13,490 10,953


Expense evolution

• Credit impairment charges grew in excess of 100% to N1.9 billion. The significant growth in impairment charges

is attributable to 2 new classified credits in the business banking segment of Personal and Business banking

unit.

• We continued to take a conservative stance to provisioning in the Personal & Business Banking (PBB) business

due to the high interest rate environment.

• Credit loss ratio grew to 0.7% from 0.1% in 1Q2012 as a result of the growth in credit impairment charges.

537

399

1,228

458

-120

657

0.9%

0.1%

0.7%

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

0.6%

0.7%

0.8%

0.9%

-200

0

200

400

600

800

1,000

1,200

1,400

1Q 2011 1Q 2012 1Q 2013

Net specific credit impairment charges Portfolio credit impairment charges

Credit loss ratio

Credit impairment charges & credit loss ratio

Nmillion


Breakdown of credit impairment charges

Change Q1 2013 Q1 2012

% Nmillion Nmillion

Mortgage lending >100 124 (72)

Instalmental sales and finance lease (48) 189 363

Cards 100 (42) (21)

Corporate lending > 100 418 97

Other loans and advances >100 1,196 (88)

Total credit impairment charges > 100 1,885 279

Q1 13: Group statement of financial position

Q1 2013 Change Q1 2012

Nmillion % Nmillion

Cash and balances with central banks 59,421 (23) 76,933

Trading assets 260,362 >100 114,877

Pledged and derivative assets 24,127 (8) 26,149

Financial investments 110,448 29 85,757

Loans and advances 351,592 10 320,662

Loans and advances to banks 82,391 52 54,318

Loans and advances to customers 269,201 1 266,344

Current and deferred tax assets 5,565 7 5,212

Other assets 49,226 >100 22,771

Property and equipment 23,702 (3) 24,458

Total assets 884,713 31 676,819

Trading liabilities 158,407 79 88,371

Derivative liabilities 368 (52) 772

Customer and current accounts 507,883 33 382,051

Deposits and current accounts from banks 84,287 >100 26,632

Deposits and current accounts from customers 423,596 19 355,419

Other borrowings 52,080 (22) 66,873

Current and deferred tax liabilities 6,379 32 4,844

Other liabilities 69,791 34) 48,257

Total liabilities 794,908 45 591,168

Equity attributable to ordinary shareholders 87,129 5 83,341

Non-controlling interest 2,676 16 2,310

Liabilities and equity 884,713 31 676,819


Loans and advances

Contribution to loans & advances by business unit • Gross loans and advances increased marginally by 2%

quarter-on-quarter and 3% year-on-year to N284.1

billion.

• We took a conscious decision to slow down loan growth

in the Personal and Business Banking due to the high

interest rate environment. Products such as mortgage

and instalmental sales and finance lease were affected

by the decision.

• Corporate loan book was affected by the sustained

competition for good quality credits and sell down of

large performing existing loans to comply with the single

obligor limit .

277.0 283.5 276.3 279.5 284.5

0.0

50.0

100.0

150.0

200.0

250.0

300.0

1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013

Quarterly gross loans and advances

Nbillion

Breakdown of gross loans and advances

61%

39%


1Q 2013

62%

38%

1Q 2012

34

Change 1Q 2013 FY 2012

% Nmillion Nmillion

Gross loans and advances 2 284,482 279,473

Mortgage lending 2 10,817 10,571

Instalmental sales and finance leases (4) 28,533 29,678

Overdrafts 3 30,365 29,616

Term loans 2 214,767 209,608

Provisions 16 (15,281) (13,129)

Specific credit impairments 16 (10,782) (9,287)

Portfolio credit impairments 17 (4,499) (3,842)

Net loans and advances 1 269,201 266,344


Loans and advances performance

Contribution to NPLs by business unit • The group’s non-performing loan book grew by 5% in

the first 3 months of 2013 to N15.1 billion. The increase

is attributable primarily to the newly classified loans in

the Personal and Business Banking business unit.

• The ratio of non-performing loans to total loans

deteriorated slightly to 5.3% from 5.1% in 4Q 2012. We

are committed to ensuring that these loans are resolved

in the shortest possible time. The coverage ratio for

non-performing loans improved to 100.4% from 92% in

4Q 2012.

• Increased contribution to NPLs by Personal & Business

Banking business unit.

Breakdown of non-performing loans

18.4 23.4 26.4 14.3 15.1

6.6%

8.3%

9.6%

5.1%

5.3%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

0.0

5.0

10.0

15.0

20.0

25.0

30.0

1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013

Non-performing loans NPLs/ Total loans

Non-performing loans and NPL ratio

Nbillion

Change 1Q 2013 FY 2012

% Nmillion Nmillion

Overdrafts (18) 643 788

Term loans (5) 9,880 10,353

Instalment sales and finance leases 62 3,469 2,147

Mortgage 1 1,059 1,052

Total non-performing loans 5 15,051 14,340

38%

62%


1Q 2013

40%

60%

1Q 2012


Deposits and funding mix

• Deposit liabilities from customers stood at N423.6 billion

in 1Q 2013. This represents a 57% and 19% increase

over the N270.6 billion and N355.4 billion recorded in 1Q

2012 and 4Q 2012 respectively.

• The growth in deposit book is driven by our enlarged

network, ability to structure products that meet

customers’ needs and service excellence.

• The deposit mix improved as the ratio of low cost and

stable deposits increased to 55% from 49% at the end of

4Q 2012.

• We are committed to leveraging our expanded network,

our brand and service excellence to increase our share

of low cost deposits.

Deposit liabilities by business unit

270.6 246.2

315.8

355.4

423.6

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013

Quarterly deposit liabilities

Nbillion

Change Q1 2013 FY 2012

% Nmillion Nmillion

Personal & Business Banking 11 182,477 164,031

Current deposits 16 89,094 76,793

Savings deposits 8 16,388 15,116

Call deposits 80 3,230 1,799

Term deposits 5 73,765 70,323

Corporate & Investment Banking 26 241,119 191,388

Current deposits 47 90,584 61,731

Call deposits 47 29,976 20,377

Term deposits 10 120,559 109,280

Total deposits 19 423,596 355,419

42% 39% 33% 43% 39%

4% 4% 4%

5% 5%

8% 6%

8%

11% 13%

46% 51% 55% 41% 43%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1Q 2013 4Q 2012 3Q 2012 2Q 2012 1Q 2012

Demand deposits Savings deposits Call deposits Term deposits

Breakdown of deposit liabilities


Business segment performance

review


Corporate and Investment

Banking

Victor Williams Group Head, CIB


FY 12: Summarised financial statement and selected ratios

• Net interest income benefitted from improved yields in

investment securities and income form lending activities

but was adversely affected by the increasing funding

costs, with the resultant margin compression.

• Non-interest revenue benefitted from growth in holdings

under custody, increased transaction volumes and

activities, improved performance of the capital market in

2H 2012, which positively affected revenues of our

custody and stock-broking businesses.

• Total income was adversely impacted by the growth

credit impairment charges. 3 new corporate names were

classified during 2012, which were reversed in Q1 2013.

• Increased contribution from transactional products and

services business segment to total income, a function of

our growing relationships and increased transaction

volumes.

2012

Nmillion

change

%

2011

Nmillion

Net interest income

13,496

(5)

14,272


16,334

9

15,009

Total income

29,830

2

29,281

Impairment charges

(3,329) >100

(419)

Operating expenses

(17,014)

16

(14,615)

Profit before tax

9,487

(33)

14,247

Loans & advances

174,418

1 173,015

Deposit liabilities

191,388

9 176,034

Net interest margin % 3.4 3.8

NIR to total income % 54.8 51.3

Cost to income ratio % 57.0 49.9

NPL/total loan ratio % 3.3 8.6

33%

43%

24%

Investment banking Transactional products and services Global markets

Contribution to total income by business segment

33%

30%

37%

2011 2012


Key achievements in 2012

• Maintained market leadership in stock broking, investment banking, global markets as well as

custody business.

• Strong growth in assets under custody by over 100% to close at N2.1 trillion ($13.6billion) in 2012,

with positive impact on revenue.

• High trade and transactional volumes with positive impact on non-interest revenue.

• Resolution of top NPLs improved asset quality.

• Stock broking business appointed as the sole stockbroker to the Federal Government.

• Key awards and accolades received in 2012 include:

o Best Broker Dealing Firm 2012, The Nigerian Stock Exchange

o Best Broker in Nigeria 2012 , EMEA Finance

o Best Investment Bank in Nigeria 2012, EMEA Finance Banking Award

o Best Bank in Africa 2012, Euromoney Real Estate Award

o Best Custodian in Nigeria 2012, Global Investor

• Ranked 8th position in 2012 KPMG Customer Satisfaction Survey, an improvement from 17th

position in 2011.


1Q 13: Summarised financial statement and selected ratios

• CIB business witnessed a significant growth in total

income driven by an increase in non-interest revenue.

• Non-interest revenue benefitted from a 26% growth in

net fee and commission revenue and more than 100%

growth in trading revenue.

• Net fees and commissions benefitted from increased

transaction volumes and activity, bullish trend in capital

market which positively impacted the revenues of our

stock broking, and custody businesses. Trading revenue

benefitted from increase in transaction volumes and

volatility in the fixed income and foreign exchange

markets.

• Revenue growth outpaced cost growth resulting in

improved cost-to-income ratio to 42%.

• Continued growth in deposit liabilities.

• Loan book was flat as a result of sell down of existing

performing loan to comply with single obligor limit.

1Q 2013

Nmillion

chang

e

%

1Q 2012

Nmillion

Net interest income

3,906

1

3,861


6,936

>100

2,908

Total income

10,842

60

6,769

Impairment charges

(418)

>100

(97)

Operating expenses

(4,580)

17

(3,899)

Profit before tax

5,844

>100

2,773

1Q 2013 FY 2012

Nmillion Nmillion

Gross loans & advances

174,949

0

174,418

Deposit liabilities

241,203

26

191,388

Credit loss ratio % 0.2 0.1

Cost-to-income ratio % 42.2 57.6

NPL to total loan ratio % 3.4 3.3


18%

41%

41%

Investment banking Global markets Transaction products & services

1Q 2013

26%

42%

32%

1Q 2012


Looking ahead

• Continue to

o maintain market leadership in key areas of competitive advantage in investment banking, stock

broking, custody and global markets.

o focus on client engagement, execution and winning mandates.

o grow low cost and stable deposits to improve margins.

o focus on operational and cost efficiency.

o grow the asset book responsibly.

o focus on transactional products and services franchise, specifically franchise collections and

electronic banking.

• Thought leadership – actively participating in developing and deepening the Nigerian capital market

and infrastructure financing .

• Grow market share of trade finance through suitable trade finance model that meets the needs of

customers.

• Cross- selling of products within the Stanbic IBTC Group.

• Cross border leverage of the Standard Bank Group - one global CIB.


Personal & Business Banking

Obinnia Abajue

ED, PBB



• Total income was driven by growth in loan book and

increased transaction volumes and activities, a

function of our enlarged branch network.

• Revenue negatively impacted by growth in

impairment charges attributable to conservative

stance to impairment as a result of the high interest

rate environment.

• Reduction in loss before tax by 47% as revenue

growth outpaced cost growth.

• Strong contribution to revenue from Business

banking business segment.

• Deterioration in asset quality due to the high

interest rate environment, which affected customer

repayment ability.

2012

Nmillion

change

%

2011

Nmillion

Net interest income

18,374

46

12,564


5,154

53

3,376

Total income

23,528

48

15,940

Impairment charges

(3,566)

22

(2,930)

Operating expenses

(25,194)

10

(22,831)

Loss before tax

(5,232)

(47)

(9,821)

Loans & advances

105,055

13

93,067

Deposit liabilities

164,031

48

111,207

Net interest margins %

7.1

7.6

Cost-to-income ratio %

107.1

143.2

NPL to total loan ratio %

8.2

2.9

30%

59%

11%

Personal Banking Business Banking HNIs

2012


36%

53%

11%

2011


Retail strategy – Moving in the right direction!

Key indicator FY2010 FY 2011 FY 2012 1Q 2013

Total income (Nmillion) 11,773 15,940 23,528 5,496

Total deposits (Nmillion) 82,091 111,207 164,031 182,477

Loans and advances (Nmillion) 56,693 89,592 105,055 109,533

Number of accounts 250,408 375,606 594,191 751,155

Number of branches 141 171 177 178

Number of profitable branches N/A 62 66 88

Number of ATMs 200 185 249 262

Number of PoS N/A N/A 4,798 5,071

Awards /Recognition Ranked 4th in

retail business

segment in the

KPMG’s

Customer

Satisfaction

survey

Ranked 3rd in

retail

business

segment in

the KPMG’s

Customer

Satisfaction

survey

Ranked 3rd in

retail and SME

business

segments in

the KPMG’s

Customer

Satisfaction

survey

Ranked 3rd in

retail and SME

business

segments in

the KPMG’s

Customer

Satisfaction

survey



• Growing loan book despite the testing operating environment. Grew loan book by 13%.

• Growth in transactional volumes and activities, with positive impact on revenue.

• Achieved a 48% growth in deposit liabilities with higher low cost and stable deposits.

• Continued growth in the number of accounts and clients, a function of the expanded footprint

Acquired more than 230,000 clients in the personal banking and small and medium scale

enterprises (SME) business in the year.

• Successful launch of mobile money payment solution with over 700,000 clients within one year and

the first deposit money bank to partner with all mobile telephone operator.

• Improved the intuitiveness and functionality of the Internet Banking platform to make it more user-

friendly.

• Grew number of ATMs by 35% to 249 and continued to achieve excellent uptime in excess of 99%.

• Maintained the 3rd position in the KPMG Professional customer satisfaction survey.



• Total income grew by 8% on the back of a 54%

growth in non-interest revenue. Net interest income

was down by 5% on the back of lower yields on

government bonds.

• Growth in credit impairment charges as a result of a

one-off classification of two new credits.

• Operating cost was impacted by increase in

headcount for branch operations and on sales

agent .

• Marginal growth in loan book attributable to the high

interest rate environment.

• Deterioration in asset quality in Q1 2013 in the

business banking business segment as a result of

the 2 newly classified NPLs.

1Q 2013

Nmillion

change

%

1Q 2012

Nmillion

Net interest income

3,837

(5)

4,027


1,659

54

1,079

Total income

5,496

8

5,106

Impairment charges

(1,467)

>100

(182)

Operating expenses

(7,374)

10

(5,611)

Loss before tax

(3,345)

31

(687)

1Q 2013 FY 2012

Nmillion Nmillion

Gross loans & advances

109,533

4 105,055

Deposit liabilities

182,477

11

164,031

Credit loss ratio % 1.5 0.2

Cost-to-income ratio % 134.1 109.9

NPL to total loan ratio % 9.4 8.2

41%

49%

10%

Personal banking Business banking High networth individuals

1Q 2013


38%

51%

11%

1Q 2012


Looking ahead

• Continue to

o focus on growing our client base across all our lines of businesses with particular attention to

personal banking and SMEs.

o Focus on our costs to reverse the cost direction and improve operating efficiency as we

approach scale.

o focus on improving asset quality to bring NPL ratio down to between 5-7% internal guidance.

o grow the asset book responsibly.

• Increase market share in mobile and electronic channels solutions.

• Continued improvement in deposit mix with continued reduction of cost of funding.

• Improve service excellence and maintain or improve our ranking in the KPMG Customer

Satisfaction survey.

• Cross- selling of products within the Stanbic IBTC Group.


Wealth



• Increased revenue as a result of growth in assets

under management, number of retirement savings

accounts and the bullish trend in the capital

market in the second half of 2012.

• Increase in operating expenses due to the

regulatory induced investment in technology to

capture clients’ biometric.

• Improved yield in investment securities, with

positive impact on interest income

2012

Nmillion

change

%

2011

Nmillion

Net interest income

1,684 >100

806


12,368 34

9,220

Total income

14,052 40

10,026

Operating expenses

(6,581) 51

(4,346)

Profit before tax

7,471 32

5,680

Assets under

management (Nmillion)

990,881 42

699,961

Retirement savings

accounts (number)

1,054,525 12

939,173

Cost-to-income ratio (%) 46.8 43.3

Return on equity (%) 52.6 43.6

15%

84%

1%

Asset management Pension management Trusteeship


2012

19%

81%

2011



• Achieved record assets under management of N990.88 billion (US$6.19 billion) to maintain position

as the largest investment management business and number one wealth manager in Nigeria with

Stanbic IBTC Asset Management crossing the N100 billion mark in assets under management for

the first time.

• Crossed the one million retirement savings account (RSA) mark in the pension business during the

year.

• Exceeded expectations by breaking even and banking a profit in Stanbic IBTC Trustees Limited

(SITL) in its first year of operation.

• Deployed the inclusion of RSA services on the Stanbic IBTC Bank ATMs.

• Commenced the mark-to-market valuation of the bond portfolio of our fixed income mutual funds in

line global best practice.

• Awarded the Pension Fund Administrator (PFA) of the year by the Leadership Newspaper Group

Limited.

• Pioneered the launch of an Umbrella Fund (with three sub-funds).

• Commenced a 24-hr multilingual call centre to attend to the needs of our clients.



• Continued growth in assets under management

and number of clients and the bullish trend in the

capital market in Q1 2013 impacted revenue

positively.

• Profit before tax grew significantly by 64% to N2.3

billion, while profit after tax increased by 63% to

N1.6 billion.

• Assets under management crossed the N1trillion

mark and grew by 8% in the first 3 months of

2013.

Q1 2013

Nmillion

change

%

Q1 2012

Nmillion

Net interest income 512 38

370


3,277 34

2,444

Total income

3,789 35

2,814

Operating expenses

(1,536) 6

(1,443)

Profit before tax

2,253 64

1,371

Assets under

management (Nmillion)

1,068.73 8

990.88

Retirement savings

accounts (number)

1,094,870 4

1,054,525

Cost-to-income ratio

46.8%

43.3%

16%

83%

1%

Asset management Pension management Trusteeship

Q1 2013


14%

86%

0%

Q1 2012


Looking ahead

• To launch two new funds in the alternative asset class.

• Identification of new markets and getting a larger share of the existing business by intensifying

relationships with State Governments & leading Asian businesses at the highest level in the

pension business.

• Focus on service quality and greater accessibility to clients by building a culture of service and

being customer centric.

• Continue to focus on growing assets under management and number of both retail and institutional

clients.

• Enhancement of visibility of Stanbic IBTC Asset Management to foreign investors seeking Nigerian

exposure and the creation of an alternative investment desk/unit.

• Mining of embedded potential within the group for cross-selling and inter-generational wealth

transfer.


Prospects and outlook

Sola David-Borha

CEO, Stanbic IBTC Holdings PLC


Key strategic imperatives

Our core strategy to build a scalable domestic universal banking franchise remains unchanged.

• Provide clients with end-to-end financial solutions to meet their banking, financing and wealth

management needs.

• Capitalise on and maintain our market leadership position in our areas of competitive advantage in

Investment banking, Stock broking, Global markets, Custody and Wealth Management.

• Leverage our expanded points of representation to expand our share of wallet within Personal &

Business Banking with a key focus to improve our deposit mix.

• Focus on trade & commercial banking to further grow our annuity income.

• Leverage technology to grow our cash management capabilities and broaden our market

penetration.

• Continue to build the Stanbic IBTC brand synonymous with integrity, excellent service and

reliability.

• Leverage the China and emerging market franchise of Standard Bank to capture cross-border

opportunities.

• Continue to grow our people.


2013: Looking ahead

• Continue to consolidate investment in infrastructure and sweat the assets we have invested in.

• Focus on growing our demand deposit ratio from the current 55% as at end Q1 2013.

• Financial inclusion – Use mobile banking license and Non-interest banking window to expand

customer base and market share.

• Cross sell – maximizing our share of wallet from every client interaction.

• Customer service – ensuring every client interaction is a memorable experience.

• Enhance operational efficiency through cost management & control.

• Diversify revenue streams to increase contribution from transactional income.

• Brand awareness - Appropriate utilization of marketing budget to improve retail brand in market.

• Raise Tier 2 capital up to $150 million in 2013.

We therefore expect:

o Cost to income ratio to stabilise and improve to below 70%.

o Loans and advances - grow by 15% YoY by end 2013 .

o Deposit – grow by 25% YoY by end 2013.

o Our Wealth businesses to continue to be leading players in both the pension and non-pension fund

management areas.


Q & A


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