Bloomberg News

Stanbic Bank in Nigeria Falls to Two-Month Low as Profit Drops

March 29, 2012

Stanbic IBTC Bank Plc (IBTCCB), a unit of Standard Bank Group Ltd. (SBK), fell to the lowest level in more than two months, after net income plunged and the company declared a “disappointing” dividend, according to Lambeth Trust & Investment Co.

The stock fell 4.9 percent to 6.80 naira by the close in Lagos, the lowest since Jan. 26, according to data compiled by Bloomberg.

Net income for the 12 months through December dropped 21 percent to 7.44 billion naira ($47 million) from 9.45 billion naira a year earlier, the Lagos-based lender said. Revenue rose 19 percent to 67.4 billion naira. Stanbic will pay a 10 kobo per share dividend for the year, it said.

The dividend, which translates into a yield of 1.5 percent, “is too disappointing,” David Adonri, chief executive officer of Lambeth, said by phone from Lagos today.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.


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