Ex-Stanbic IBTC CEO David-Borha sells shares

Bisola David
Bisola David
Ex-Stanbic IBTC CEO David-Borha sells shares

The previous CEO of Stanbic IBTC Holdings, Sola David-Borha, sold 615,812 shares of the company.

The Punch reported that David-Borha carried out the transaction on Thursday on the platform of the Nigerian Exchange Limited, according to a notice on the director’s dealings.

The shares sold for an average price of N63.21 per unit, totaling N38.925m for the transaction.

David-Borha serves as a non-executive director for Stanbic IBTC Holdings Plc.

According to the financial institution’s half-year report, David-Borha owned 615,812 shares (held directly), which is identical to the number of shares she sold.

Her shareholding used to equal 0.01 percent of Stanbic IBTC Holdings’ total shareholding.

In the meantime, the lender reported that during the same period in 2022, its profit after tax increased by 121.46 percent, to N67.92 billion from N30.67 billion.

For the quarter that ended on June 30, 2023, Stanbic announced that the Group’s gross earnings climbed by 58.18%, profit before tax increased by 107.58%, and profit after tax increased by 121.46%.

For the period under consideration, the directors proposed approving an interim dividend of 150 kobo per share (30 June 2022: 150 kobo per share).

The banking group’s good results were supported by a surge in net interest income, which increased by 56.64% and 44.35%, respectively, to N72.68 billion from N50.35 billion in 2022 as well as a 56.64 per cent increase in its non-interest revenue which rose by 56.64 per cent to N98.62bn from N62.96bn.

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