For Stanbic IBTC Plc, it is time for stocktaking and more due diligence to save management the red of its shareholders who are bewildered at the sheer size of its non -performing loans and other gaffs.
This is because within the first nine months of the year, the Central Bank of Nigeria (CBN) had slammed bank with severe sanctions, debiting it 44.6 per cent, 17.1 per cent more than the mandatory 27.5 per cent in Cash Reserve Requirement (CRR) for its failure to meet the 65 per cent Loan-to-Deposit Ratio(LDR), while at the same time, its non-performing loans (NPLs) had spiraled to N28.7 billion within the period.
According to the Money and Credit Statistics of the CBN, ten banks reported a CRR of N8.04 trillion in the first nine months of 2021. The amount was 1.6 per cent higher than the N7.9 trillion in the 2020 financial year.
This was based on data pooled from the financial statements of the major banks listed on the Stock Exchange. Despite the average being lower in the first nine months of the year, Stanbic IBTC stood out among the banks that recorded higher CRRs. For instance, the bank had about 44.6 per cent of its deposits kept with the CBN as CRR.
