Stanbic IBTC Bank Plc has received a four-star rating in the first ever Lafferty Banking 500 Global Benchmarking Study, in recognition of the service it provides in the Nigerian market.
Published by the Lafferty Group, which provides research and intelligence to the banking industry across the world, the study is a survey of 500 banks worldwide, expanded from 100 surveyed in 2016 and 2017.
The banks are given star-ratings out of five with institutions from 72 markets across all global regions ranging from large global banks to small regional institutions graded.
Stanbic IBTC Bank, which was awarded four stars from a maximum five, is one out of 160 banks to achieve four or five stars' ratings with only eight banks out of 500 achieving the highest score.
The group uses a combination of financial and non-financial disclosures in banking groups' latest annual reports to determine the quality of the organisations and their respective business models.The banks are assessed across 19 metrics, which include things like loans to deposits ratios, profits and assets, as well as other indicators like strategy, culture and end leadership.
A star rating is applied as part of the benchmarking of banks, with five stars for the best performers, and one star at the other extreme. Roughly one-third of the banks in the study achieved four-star quality ratings, while two-thirds were rated three-star or lower. "This recognition and rating affirms Stanbic IBTC's commitment to providing peerless services and also signposts the fact that we're heading in the right direction in our mission to become Nigeria's leading end-to-end financial solutions provider.
Our ongoing digitisation, innovative initiatives, customer-centricity, aggressive universal financial services organisation drive, consistency in delivering relevant solutions to our clients and value to our other stakeholders will be buoyed by this award," the bank's Executive Director, Personal and Business Banking, Babatunde Macaulay, said.
The Director of Councils and Client Relations, Lafferty Group, Caroline M. Hastings, while congratulating the bank, said the Lafferty Banking 500 Global Benchmarking Study was inaugurated to distinguish and recognise lenders with exemplary characteristics of the best banks in particular regions or worldwide."With a deep view across the world's leading banks we understand the winning bank quality metrics: what makes good culture, strategy and customer service," Hastings said.