Demola Sogunle Increases Stake in Stanbic IBTC

Dr. Demola Sogunle, the Chief Executive Officer of Stanbic IBTC Holdings Plc has expanded his stake in the bank by 1,521,117 shares.

This was made known in a statement signed by Chidi Okezie, Company Secretary, Stanbic IBTC and made available to investing public.

The bank chief acquired the shares between 21 March and 24 March 2023 at N37.05 a unit. Meaning, he paid a total sum of N56.357 million for the acquisition.

Sogunle held 3.41 million indirect shares before acquiring more shares in Stanbic IBTC as of December 31, 2022. In 2021, he held 2.41 million indirect shares, which he increased to 3.41 million last year.

Sogunle remained the second-largest shareholder in Stanbic IBTC after Ifeoma Esiri, who holds 40.38 million direct shares and 3.11 million indirect shares valued at N1.63 billion as of December 2022.

During the financial period of 2022, Stanbic IBTC reported a gross turnover of N287.53 million, surpassing the N206.64 million generated in the previous year. The financial institution also recorded growth in its net interest income, which increased to N113.11 billion in 2022 from N75.37 billion in 2021.

In addition, Stanbic IBTC closed the year with N80.81 billion in net profit, an improvement on the N56.96 billion profit after tax earned in the corresponding period of 2021.