Stanbic IBTC Nigeria Climbs Most in Two Months as Profit Surges

Stanbic IBTC Holding, the Nigerian unit of South Africa’s Standard Bank Group Ltd. (SBK), rose the most in almost two months after reporting nine-month profit increased 64 percent.
Net income climbed to N16.9 billion  ($106 million) in the nine months through September, from N10.3 billion  a year earlier, Stanbic IBTC said in filing to the Nigerian Stock Exchange today. Non interest income gained 70 percent to N36.4 billion.
“We expect the positives on the non-interest income line and the other comprehensive income result to attract the market’s attention,” Bunmi Asaolu, an analyst at Lagos-based FBN Capital Ltd., said in e-mailed comments.

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