IBTC

Net profit at Stanbic IBTC Holdings, the local unit of Africa’s biggest bank, Standard Bank, shot 74 per cent to its peak since inception three decades and a half ago, its unaudited accounts issued Wednesday showed. The jump was recorded on the back of higher interest income. Unstoppable inflation continues to create a boom for Nigerian lenders, prompting the CBN to raise the reference rate by 18.6 per cent last year to slow galloping price levels, enabling banks to charge more for loans. It earned Stanbic IBTC…

Stanbic IBTC Holdings Plc said it has authorised the appointment of key executives in its top hierarchy as well as in some of its subsidiaries following endorsement from regulators. The local unit of Africa’s biggest bank Standard Bank Group now has Babs Omotowa, the former managing director of Nigeria LNG Limited between December 2011 and September 2016, as a non-executive director on its board. Mr Omotowa served as Global Upstream Vice President (S&E) at Shell and later as Special Adviser/Global Upstream…

Nigerian stocks may not be drawing big inflows from investors abroad because most of current investments are already trapped in the system as the dollar reserves hit new lows and the apex bank is seizing at every chance to control the greenback. But, in some way, equities are finding resilience. Local participation has been keeping the market going since the start of the year, with shares having yielded 20.3 per cent or N5 trillion so far this year. With the half-year financials of big lenders like Access…

The Nigerian bourse saw a surge of 4.25 per cent last week, with the NGX 30 (the index that tracks the top 30 stocks by liquidity and market capitalisation) touching an unprecedented height, both affirming investors’ renewed faith in stocks. A number of first quarter earnings reports were issued and a couple of them were strikingly impressive, boosting confidence. PREMIUM TIMES has assembled a number of stocks with fundamentals and other potential, adopting key analytical approaches to…