Stanbic IBTC H1 profit falls 52%, cuts dividend

Nigeria’s Stanbic IBTC said on Thursday first-half pretax profit fell to 9.53 billion naira ($47.90 million), down 52 percent from a year ago.

Gross earnings fell 16 percent to 68.29 billion naira during the six-month period to June 30, the unit of South Africa’s Standard Bank said in a filing with the Nigerian Stock Exchange.

Stanbic IBTC cut its interim dividend to 0.90 naira per share, from 1.10 naira last year, reports Reuters.