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Business FCMB, Stanbic IBTC Reports Rise in Pre-tax Profit



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Nigeria's Stanbic IBTC Holdings and First City Monument Bank FCMB on Wednesday each announced a rise in its pre-tax profit starting from January to September 2014. Reuters says.

Stanbic IBTC says its nine-month pre-tax profit rose to 30 billion naira, up 48 percent from a year ago.

Gross earnings at the mid-tier lender, rose to 94.6 billion naira during the period to Sept. 30, from 82.9 billion naira during the same period last year, the local unit of South Africa's Standard Bank, said in a filing with the Nigerian Stock Exchange.

Stanbic IBTC said it raised 15 billion naira ($90.7 mln) in Tier II capital at the end of the third quarter to increase its capital level to 19.7 percent, above the regulatory requirement of 10 percent.

FCMB also a rise of 16.78 billion naira in its 9 month pretax profit.

#FCMB #Reuters #Nigeria

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