Stanbic Bank on Thursday posted a KShs.7.2 billion net profit for the first half of 2024. The earnings represent a 2 percent year on year increases in the group’s profitability. Following the positive financial results, the Group’s leadership reported an interim dividend payout of Ksh.1.84 per share following the positive financial results.
The Group, which has subsidiaries in Kenya and South Sudan, has attributed this growth to the balance sheet growth, and improved net interest income. According to the latest figures, the Group’s net income income rose by 4% to Kshs 12.6 billion driven by the loan book growth and improved assets yield.
During the review period, the bank’s operating costs dropped by 7%, as a result of gains in foreign exchange and strong commitment in improving customer experience. Customer deposits increased by 39% to Ksh. 360 billion.
The Group’s leadership cited the appreciation of the Kenyan Shilling against the US dollar as a key factor that improved the country’s economic outlook. However, the severe floods that were experienced between March and May and the Gen-Z-led protests were major events that disrupted economic activities.
“Notwithstanding the challenges, the Group delivered positive financial results in Kenya and South Sudan, demonstrating resilience anchored on diligent execution and devotion to our newly reimagined three-year growth strategy.” Joshua Oigara, the Chief Executive of Stanbic Holdings Plc, said.
The significant growth in the balance sheet indicate the Bank’s continued contribution to economic growth. Recently, the Group, through its foundation, has significant intensified its impact initiatives in various sectors such as sustainable development, education and healthcare through collaboration with other organizations.
For instance, Stanbic bank is partner of the recently launched “Future Ni Digital Skills’ initiative, which is aimed at boosting digital literacy among youth and women. As noted in its statement, the bank has also offered support to youth, women, and person with disabilities.
