Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Stanbic IBTC Nigeria Climbs Most in Two Months as Profit Surges

Oct. 29 (Bloomberg) -- Stanbic IBTC Holding Co., the Nigerian unit of South Africa’s Standard Bank Group Ltd., rose the most in almost two months after reporting nine-month profit increased 64 percent.

Net income climbed to 16.9 billion naira ($106 million) in the nine months through September, from 10.3 billion naira a year earlier, Stanbic IBTC said in filing to the Nigerian Stock Exchange today. Non interest income gained 70 percent to 36.4 billion naira.

“We expect the positives on the non-interest income line and the other comprehensive income result to attract the market’s attention,” Bunmi Asaolu, an analyst at Lagos-based FBN Capital Ltd., said in e-mailed comments.

The Central Bank of Nigeria increased the cash-reserve requirement for public funds in banks to 50 percent from 12 percent, Governor Lamido Sanusi said July 23, warning about the risk of excess liquidity in the banking industry. The regulator said lenders should lower fees and commissions from April 1 to reduce conflict with clients.

Stanbic IBTC advanced 4.5 percent, the most since Sept. 4, to 19.95 naira in Lagos trading. About 2.5 million shares were traded, about double the three-month daily average. The stock has climbed 81 percent this year, compared with a 17 percent gain for the Bloomberg NSE Banking Index, which tracks Nigeria’s top 10 banks by market value.

To contact the reporter on this story: Emele Onu in Lagos at eonu1@bloomberg.net

To contact the editor responsible for this story: Vernon Wessels at vwessels@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.