Stanbic Holdings Plc recorded a net profit of Kes 12.2 billion in the full year ending December 2023 due to high net interest earnings, strong trading volumes, and balance sheet growth.
This represented a 34 percent increase compared to a similar period in 2022.
Net interest revenue grew 35 percent to Kes 25.6 billion, while customer deposits grew by 20 percent to Kes 261 billion.
Additionally, non-interest income also expanded due to increased volumes and better margins of foreign exchange revenue.
Stanbic Bank Kenya and South Sudan Chief Executive Joshua Oigara said Investment banking and mobile money fees also contributed to profit growth.
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“Despite facing a challenging business environment marked by heightened currency and inflationary pressure, rising interest rates and geopolitical tensions, the Group delivered strong financial results.”
“This demonstrates resilience in our business model underpinned by diligent execution of our strategy. We remain committed to our purpose of driving Kenya and South Sudan’s growth, more so as we transition to our new 3-year strategy.”
Moreover, the costs-to-income ratio stood at 43.5 percent, down from 46.7 percent in the previous year, evidencing continued focus on efficiency in the business in the review period.
“Today’s results are demonstrable proof that our three-year strategy yielded a positive and sustainable growth trajectory delivering 39%, 26% and 34% growth in profitability in 2021, 2022 and 2023 respectively,” the bank’s Chief Financial and Value Officer, Dennis Musau, stated.
