Home Business Stanbic records 47pc increase in post-tax profit to Ksh 7.1B

Stanbic records 47pc increase in post-tax profit to Ksh 7.1B

Stanbic Holdings PLC has reported Ksh.7.1 Billion in profit after tax representing a 47pc increase which is attributed to strong revenue and balance sheet growth.

Revenue grew by 38pc attributing to Ksh.21 Billion from Ksh.15.2 Billion last year while return on equity rose by 4.7pc from 15.8pc last year at a close of 472 bps.

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According to Stanbic Kenya and South Sudan’s Chief Executive, Joshua Oigara the bank is focused on delivering strong results despite a challenging operating business environment influenced by negative global and local economic trends.

“Our business delivered strong results despite challenging market and geopolitical dynamics all of which caused monetary and fiscal pressure,” he said.

He says the bank has continued to focus on its key sectors like trade, consumer, power infrastructure and SMEs in Kenya and South Sudan resulting to a Ksh.224 billion increase in loans and advances to consumers to support economic growth and development.

Stanbic disbursed loans worth Ksh.22 billion to support SMEs saying they will continue investing in capabilities and entrepreneurship and  Ksh.14 billion to green projects.

It has also declared a Ksh 1.15 dividend for each ordinary share of Ksh 5 on the issued and paid up share capital of the company per share to their shareholders.

According to Stanbic’s Chief Financial and Value Officer Dennis Musau said their client centric approach continues to bear fruit enabling the bank deliver strong growth in all revenue lines and key balance sheet drivers.

“Our business model, liquidity and capital position remain sufficient to support future growth Supported by high operational efficiency and market focus, Stanbic’s banking business in South Sudan remained profitable as we continued to facilitate payments and intermediate foreign currency flows for our clients.’’ Said Musau.

Through diversification and inclusion, Stanbic has taken a specific focus on women by committing Ksh.20 Billion to finance the Dare to Aspire Dare to Achieve (DADA) platform which has attracted more than 63,000 new ‘Dadas’ and disbursed loans amounting to Ksh.8.4B in the first half of 2023.

There has been a 12pc year over year growth in customer numbers with 98pc accounts being opened digitally.

Stanbic has allocated Ksh.487 Million for lending purposes to support the Affordable housing Project saying the convergence of the bank with the national government will create more opportunities for the youth in terms of employment and funding.

Sally Namuye
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