Nigeria’s Stanbic IBTC Holdings, a unit of South Africa’s Standard Bank, has issued a statement saying its profit for 2013 more than doubled from 2012.

Pretax profit rose to 24.62 billion naira, an increase of 116 per cent from 11.41 billion naira a year earlier.

Gross earnings grew to 111.22 billion naira during the period, compared with 91.86 billion naira in 2012, it said in a filing with the Nigeria Stock Exchange.

Stanbic IBTC proposed a dividend of 0.10 naira per share, the same amount it paid in 2012.