The Central Bank of Nigeria (CBN) and Nigerian Stock Exchange (NSE) sanctioned Stanbic IBTC Holdings N20.3 million for eight different offences in 2015.

The recently released 2015 financial result of the lender showed that a penalty of N10 million by CBN was imposed for AML/CFT related issues arising from the AML/CFT spot check in some of Stanbic IBTC Holdings branches.

According to the report, the CBN imposed a penalty of N2 million on Stanbic IBTC for providing new credit facilities to customers without Biometric Verification Number (BVN).

“CBN imposed a penalty of N2 million on the banking entity for failure to display conspicuously at the branches notices informing customers of the transfer of non-proprietary assets to custodians and that brokerage will be charged for the purchase of financial assets on their behalf.

“CBN imposed a fine of N2million on Stanbic IBTC Holdings for failure to seek the CBN’s approval prior to paying the 2015 interim dividend.

“CBN imposed a fine of N2million on the banking entity for failure to provide information relating to the Treasury Single Account (TSA) within the given deadline.

“NSE imposed a penalty of N2.1million on Stanbic IBTC Holdings PLC for failing to obtain prior approval before the publication of a press release,” the report obtained by our correspondent has shown.

The financial institution was sanctioned N100,000 and N75,000 for the late rendition of a monthly return on mobile money scheme and late rendition of daily returns for September 2015, October 2015, and October 2015 respectively.

Meanwhile, the financial institution finally released its long awaited results for the period ended December 31, 2015; first quarter of 2016; second quarter of 2016 and third quarter of 2016.

The Financial Reporting Council (FRC) and Stanbic IBTC Holdings resolved issues as the latter eventually released its 2015 full year result as well as the financial statements of 2016 third quarter.

In a statement to the Nigerian Stock Exchange (NSE), Stanbic IBTC Holdings informed that the release of 2015 financial result followed the acceptable settlement reached by both parties, thus FRC authorised the company’s external auditors, Messrs KPMG Professional Services to sign 2015 audited financial statements.

“In the light of the foregoing and having received all required regulatory approvals, we would be presenting the 2015 audited financial statements to The NSE through the Issuer Portal for onward transmission to the market, as well as the subsequent publication as required by law,” the statement read.

The company, however, pledged it’s commitment towards abiding by all extant Statues, Rules and Regulations while appreciating its stakeholders for their support.

For the financial year ended December 2015, the management of Stanbic IBTC Holdings had proposed a dividend of N0.50kobo that is expected to close on today.

The lender’s profit after tax thus dropped by 45.2 per cent decline in profit after tax to N18.89 billion in 2015 as against N34.5 billion recorded in 2014.

Of the N406 billion gross loans and advances to customers in 2015, the group reported N27 billion Non- performing loans, 50.6 per cent above N17.95 billion recorded in 2014.

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