The Nigerian arm of South Africa’s
Standard Bank, Stanbic IBTC Bank, has an exposure of $24 million to
Etisalat Nigeria, it said on Wednesday, adding that restructuring talks
were “ongoing”.
The Nigerian arm of Abu Dhabi-listed
telecoms company Etisalat has been discussing with 13 local banks about
renegotiating the terms of a $1.2 billion loan after missing a payment.
“The members are continuing discussions
with Etisalat with the hope of restructuring the loan,” Reuters quoted
the bank to have told an analysts’ call.
Stanbic IBTC Holdings Plc was the fourth
bank to announce its audited results for the full year ended December
31, 2016. The financial institution recorded improvement in most of the
performance indicators and ended with a growth of 51 per cent in profit
after tax (PAT).
Analysing the fourth quarter (Q4)
results, analysts at FBN Quest had said the performance was boosted
by a significant other comprehensive income(OCI) of N4 billion
compared with a loss of N87 million prior year.
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