The Board of Directors of Stanbic IBTC Holdings PLC has announced the appointment of Mrs. Olusola David-Borha as Chairman of the company’s board with effect from September 26th, 2024.
In a statement signed by the company’s secretary, Chidi Okezie, the company said that her appointment follows all regulatory approvals after the retirement of Mr. Basil Omiyi as Chairman of the Board in May 2024.
Mr. Olusola David-Borha has previously served as Chief Executive Officer of Standard Bank, Africa, and CEO of Stanbic IBTC Holdings and Stanbic IBTC Bank.
The firm noted that the new appointee has an extensive career in the financial services industry spanning over 35 years and her education includes executive courses at Harvard and Wharton Business schools.
The statement reads, “The Board of Directors (“the Board”) of Stanbic IBTC Holdings PLC (the Company) is pleased to announce the appointment of Mrs. Olusola David-Borha as Chairman of the Board with effect from 26 September 2024 following the receipt of all required regulatory approvals.”
“Mrs. Sola David-Borha succeeds Mr. Basil Omiyi as Chairman following Mr. Omiyi’s retirement as a Non-Executive Director and Chairman on 16 May 2024. Mrs. Sola David-Borha had previously served as Chief Executive Officer of Standard Bank, Africa Regions. Before that, she had also served as Chief Executive Officer of Stanbic IBTC Holdings and Stanbic IBTC Bank.”
Following the announcement of Mrs. Olusola David-Borha’s appointment, the company’s share price remained unchanged, holding steady at N57 per share, the same price it started the week at as of the time of this report.
Stanbic IBTC Q2 result
Earlier this month, the company released its result for the second quarter of the year which saw pre-tax profit rise by 80% to N84.2 billion- the highest quarterly increase according to Nairametrics records.
- Stanbic IBTC’s half-year pre-tax profit surged to N147 billion, a sharp increase from the N82.9 billion reported in the same period in 2023, positioning the bank to reach the N200 billion pre-tax profit milestone by the end of 2024.
- The strong performance was primarily driven by a rise in interest income from customer loans and investments. Interest on loans and advances increased from N91.1 billion in June 2023 to N183.1 billion in June 2024. Interest on investments also saw a jump, rising from N16.7 billion to N56.1 billion, benefiting from a higher interest rate environment.
- Additionally, the bank experienced a notable increase in commission and fee income, which grew to N82.9 billion in the first half of 2024, up from N51.1 billion in the same period the previous year.
