Stanbic Bank has announced an interim dividend of Kes1.84 per share after it recorded a net profit growth of Kes 7.2 billion in the half-year ending June 2024.
The Bank has attributed the 2 percent growth to a surging net interest income, which increased by 4 percent to Kes12.6 billion due to improved average lending book and higher asset yield.
The lender also attributed the surge to a 30 percent increase in the balance sheet, from Kes 384 billion to Kes 498 billion.
However, the operating costs declined by 7 percent in the period under review.
Stanbic Bank Kenya and South Sudan Chief Executive Joshua Oigara said despite a broadly positive economic outlook in Kenya and the region, the first half of 2024 was a mixed economic landscape.
Did you read this?
“The appreciation of the Kenya Shilling against the Dollar bolstered foreign exchange reserves and provided some economic stability.”
He highlighted the severe floods between March and May that caused extensive damage to infrastructure, agriculture, and homes, disrupting economic activities and necessitating substantial recovery efforts.
“Additionally, the latter part of the half was characterized by civil protests.”
Customer deposits also rose by 39 percent to Kes 360 billion.
On his part, Stanbic Bank Chief Financial and Value Officer Dennis Musau stated that the lender’s operating results indicate that it continues fostering economic growth, as evidenced by significant growth in the balance sheet driven by investments in key strategic sectors to catalyze sustainable economic development.
