The Nigerian arm of South Africa’s Standard Bank, Stanbic IBTC is planning to increase up to 30 billion naira (184.79 million US dollar) in Tier II capital, said on Thursday by the presentation on its website.
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).
