Nigerian unit of South Africa’s Standard Bank, Stanbic IBTC,  plans to raise up to N30 billion naira in Tier II capital, a presentation on its website said on Thursday.

CEO Sola David-Borha confirmed the capital raise during an analysts conference call on Thursday but said the actual amount would depend on market conditions and regulatory guidelines.

She did not provide a timeline.

“We will continue to focus on growing our client base across target segments and key sectors and maintain rigour in credit process,” David-Borha said.

Shares in Stanbic IBTC, which have gained 37.2 percent this year, were flat on Thursday at 29.34 naira each.

The mid-tier bank reported a 50 percent rise in its first-half pretax profit to 19.62 billion naira two weeks ago and proposed an interim dividend payment of 1.10 naira per share.

David-Borha said the mid-tier lender was aiming for a 15 percent loan growth for the second-half of 2014, targeting business customers, after it grew loans 18 percent in the first-half.

The bank said it had a mix of between 30-35 percent of its loans in foreign currency and the balance in local currency.

Reuters