By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Stanbic IBTC Holdings Plc, a member of South Africa’s Standard Bank Group said on Thursday its pretax profit for the period ended September 30, 2015 dipped 49 percent to N15.367 billion from N30.016 billion reported a year earlier.

Similarly, profit after tax (PAT) dropped 46.31 percent to N15.562 billion from N25.261 billion in the same period of 2014.

Gross earnings of the South African Standard Bank Nigerian unit increased from N94.637 billion to N104.418 billion in the review period of 2015; showing an increase of 10.33 percent, the lender said in a filing with the Nigerian Stock Exchange (NSE).

Stanbic shares on Thursday appreciated by 3.49 percent to N19.87 from N19.20 reported the previous session; gaining 0.67 kobo per share.

This is coming on the heels of the suspension slammed on Atedo Peterside and three (3) directors of the company by Financial Reporting Council (FRC) Monday from signing any financial statement, over allegations of improper disclosures in the financial statement of the bank for 2013 and 2014.

The three directors Sola David-Borha, managing director/chief executive officer (MD/CEO) of the bank, Arthur Oginga and Daru Owei directors of Stanbic IBTC.

FRC ordered directors of the bank to withdraw the company’s financial statement for the 2013 and 2014 financial year, insisting the statements were not prepared in line with the International Financial Reporting Council (IFRS) and hence misleading.