The South African banking group Standard Bank has acquired new shares in Stanbic IBTC Holdings Plc worth N 61.3 billion (US $ 17.4 million), bringing its already majority stake to 64.44%.
The transaction involves the purchase of 1.141 billion additional ordinary shares in Stanbic IBTC Holding in an off-market transaction.
With this acquisition, the overall stake of Stanbic Africa Holdings (a subsidiary of Standard Bank Group in Nigeria) in Stanbic IBTC increased by 11.35%, from 53.09% to 64.44% after the transaction.
“According to the most recent audited financial statements of the Company for the period ended December 31, 2017, the principal shareholders with a percentage interest greater than 5% in Stanbic IBTC Holdings were Stanbic Africa Holdings Limited with 5,333,569,874 common shares representing 53, 07% and First Century International Limited with 750,504,089 common shares representing 7.57%, “notes a Standard Bank press release.
Stanbic IBTC Holdings recorded in 2017 its most profitable year since the bank’s creation. According to the results for the year ended December 31, 2017, the bank posted a gross profit up 36% and 70% increase on the profit. Gross profit amounted to $ 588 million in 2017 compared to $ 460 million in 2016. Profit before tax increased to $ 169 million, while after-tax profit was $ 134 million compared to $ 78 million. dollars 2016.