WATCH THE VIDEO HERE Stanbic IBTC Plc, the Nigerian unit of Standard Bank Group Ltd., expects the proposed windfall tax on foreign exchange gains to have a minimal effect, consuming only a modest portion of 10% of its profits. During an investor call, the Chief Executive Officer of Stanbic IBTC Holdings Plc, Demola Sogunle confirmed that the proposed 70% windfall tax is not anticipated to significantly impact the company’s overall business performance. He said, “What they are referring to as windfall tax for us in Stanbic IBTC will account for less than 10% of our profit after tax. For now, we are not seeing any major impact on us.” Stanbic IBTC plans to conduct a rights issue before the end of the year to meet the increased minimum capital requirements, according to CEO Sogunle. He expressed confidence in the success of the offering, citing the bank’s strong financial performance, consistent dividend payments, and support from its parent company. Stanbic IBTC Plc reported a pre-tax profit of N62.7 billion in Q1 2024, marking a 73% increase compared to the N36.3 billion recorded in Q1 2023.
Stanbic IBTC says FX gains constitute only 10% of its profit
