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UPDATE 1-Nigeria's Stanbic IBTC to raise 30 bln naira in capital
August 7, 2014 / 2:41 PM / 3 years ago

UPDATE 1-Nigeria's Stanbic IBTC to raise 30 bln naira in capital

(Adds CEO comments, share price, detail)

LAGOS, Aug 7 (Reuters) - Stanbic IBTC, the Nigerian arm of South Africa’s Standard Bank, plans to raise up to 30 billion naira (184.79 million US dollar) in Tier II capital, a presentation on its website said on Thursday.

CEO Sola David-Borha confirmed the capital raising during an analysts conference call on Thursday but said the actual amount would depend on market conditions and regulatory guidelines. She did not provide a timeline.

“We will continue to focus on growing our client base across target segments and key sectors and maintain rigour in credit process,” David-Borha said.

Shares in Stanbic IBTC, which have gained 37.2 percent this year, were flat on Thursday at 29.34 naira each.

The mid-tier bank reported a 50 percent rise in its first-half pretax profit to 19.62 billion naira two weeks ago and proposed an interim dividend payment of 1.10 naira per share.

David-Borha said the bank was aiming for a 15 percent loan growth for the second-half of 2014, targeting business customers, after it grew loans 18 percent in the first-half.

The bank said it had a mix of between 30-35 percent of its loans in foreign currency and the balance in local currency. (1 US dollar = 162.3500 Nigerian naira) (Reporting by Chijioke Ohuocha; Editing by Tim Cocks and Jane Merriman)

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