Stanbic IBTC Holdco Q1 pretax profit falls 46 pct

Stanbic IBTC Holding Company , a unit of South Africa’s Standard Bank, said on Thursday its first quarter pretax profit fell 46 percent to 4.81 billion naira ($24 million) versus the same period last year.

Stanbic did not give a reason for the decline in profit but said in a statement that revenue rose to 33.73 billion naira for the period to end-March from 30.22 billion naira a year ago.