Stanbic Holdings Plc has recorded a Kes 7.1 billion net profit for the half-year ending June 30, 2023, attributed to growth in revenue and balance sheet.
Stanbic Holdings Plc has posted a Kes7.1 billion net profit for the year ending June 30, 2023.
The bank attributed the increase to growth in revenue and balance sheet.
Stanbic Kenya and South Sudan Chief Executive Joshua Oigara said the rise was due to a 38 per cent growth in total revenue to Kes 21 billion and a 472 basis points (BPS) increase in equity return.
“Our business delivered strong results despite challenging market and geopolitical dynamics all of which caused monetary and fiscal pressure.”
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“Leveraging on our core capabilities and market segments, we seized opportunities and navigated macro and micro challenges, sustaining growth in our Kenya and South Sudan businesses.”
“We remain committed to delivering superior value to our clients, shareholders, and partners, who continue to drive our performance. We are pleased to declare a Kes 1.15 dividend per share for our shareholders,” he added.
Further, customer deposits increased by 10 per cent to Kes 259 billion, while loans and advances to customers grew by 12 per cent to Kes 244 billion in the review period.
Stanbic’s Chief Financial and Value Officer, Dennis Musau, noted that the lender’s 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,’’ he added.
