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UPDATE 1-Nigeria's Stanbic IBTC pretax profit falls 63 pct

Wed Nov 4, 2009 5:07am EST

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(Adds full-year forecast)

LAGOS, Nov 4 (Reuters) - Stanbic IBTC (IBTC.LG), the Nigerian unit of South Africa's Standard Bank (SBKJ.J), said on Wednesday pretax profit slumped 62 percent to 5.1 billion naira ($34 million) in the nine months to the end of September.

The bank said it had made provisions of 5.9 billion naira on loans and advances following a sector-wide audit by the central bank. Gross earnings dropped to 42.8 billion naira in the period from 47.1 billion a year earlier.

Stanbic IBTC said it expected to make a pre-tax profit of 11.85 billion naira in the full year on gross earnings of 58.1 billion naira. (For more Reuters Africa coverage and to have your say on the top issues, visit: af.reuters.com/ ) (Reporting by Oludare Mayowa; Editing by Nick Tattersall)



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