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The shares of Stanbic IBTC Holdings Plc soared by 5.91 per cent during trading on the floor of the Nigerian Stock Exchange (NSE), gaining N28. 875 billion in one day of transaction.
Stanbic IBTC ‘s market capitalisation which stood at N488. 663 billion on Wednesday, rose to N517.539 billion on Thursday. The shares price opened at N44 per share to close at N46.6 per share.
InsideBusinessNG check shows the equities traded on the market at N44 per share for seven consecutive trading sessions but rose to N46.6 per share, which represents a 5.91 per cent appreciation.
The Holdings current outstanding shares is at 11,105,997,568. The growth of 5.91 per cent ensured that Stanbic IBTC concluded Thursday’s trading as the biggest gainer among other equities.
The Holdings is yet to release its Q4, 2020 financial report, but its last results sheet which was its Q3 2020 Unaudited results for the period ended September 30th, 2020, reported a N66.2bn PAT.
The key highlights showed that its Gross Earnings climbed by 4 per cent to N183bn from N176bn in the previous quarter, while Profit before tax rose by 11.2 per cent to N76.9bn.
The bank’s Profit after tax appreciated by 19.1 per cent to N66.2bn and Net Assets grew by 21 per cent from N366bn to N302bn.
Two weeks ago, it announced that its Bureau de Change business will be discontinued by relinquishing its operating license, adding that the discontinuation of operations of the BDC business was driven by changes in regulations.
The discontinuation of operations of the BDC business was primarily driven by changes in regulations, which now affords customers with the opportunity of purchasing foreign exchange (PTA and BTA) directly from Stanbic IBTC Bank at any of its branches nationwide
With its current N517.539bn market capitalisation, it is third amongst banks, only behind Guaranty Trust Bank and Zenith Bank, both of whom hold N1 trillion and N853.984bn respectively
It also trails Dangote Cement Plc, BUA Cement, MTN Nigeria, Airtel Africa and Nestle Nigeria Plc which are the top five most valuable stocks while maintaining 8th position on the NSE market capitalisation share.
BADEJO ADEMUYIWA has 23 years experience as a Finance Writer, specialising in Insurance and Investigative Reporting.
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