Stanbic Bank has recorded a Kes3.9 billion net profit in the first quarter of 2023, an 84 per cent growth compared to a similar period last year.
The lender has attributed the growth to strong revenue across its business segment.
The lender’s profit after tax grew; revenue grew by 65 per cent to Kes11 billion after its balance sheet grew as well as fees from clients and trading income from financial intermediation.
Stanbic Bank Kenya and South Sudan Chief Executive Joshua Oigara noted that during the quarter, the Bank remained focused on executing its three-year medium-term strategy that started in 2021.
Did you read this?
“The outcomes demonstrate our ability to create shared value and sustainable returns for shareholders and multiple stakeholders,” Oigara added.
Customer deposits increased by 24 per cent to Kes291 billion, while loans rose by 12 per cent to Kes230 billion.
The Bank’s Chief Financial and Value Officer, Dennis Musau, said that the Bank noted strong growth momentum in all revenue lines.
“Our accelerated efforts in implementing our strategy, driving operational efficiencies, and managing costs have seen us progressively manage our cost to income ratio downwards to stand at 40.5% compared to 49.6% in prior period,” Musau said.
“As a result, Return on equity in the period under review improved to 21.7% from 17.6% reported in the same period last year.”
