Stanbic Bank has announced a Kshs 10.1 billion profit after tax for the first nine months of this year, representing a 9% growth from Kshs 9.3 billion registered in the same period last year.
The net interest income for the same period under review rose by 5% to Kshs 19.0 billion from Kshs 18.1 billion last year. However, the non-interest revenue dropped by 18% from Kshs 12.6 billion to Kshs 10.4 billion.
Operating expenses for the period under review stood at 12.6 billion, representing a 5% growth to Kshs 13.3 billion.
Total revenue dipped by 4% to 29.3 billion, up from Kshs 30.7 billion posted in Q3 of 2024.
Customer deposits grew by 7% to Kshs 328 billion as the Bank saw its customer numbers increase by 6.0% year on year to 294,000 customers from 278,000 customers in 2023.
The performance was attributed to the growth in the Bank’s operations in Kenya and South Sudan.
“Our Bank demonstrated remarkable resilience in the first nine months of the year, registering growth in both our Kenya and South Sudan operations. Our diversified portfolio and commitment to targeted solutions have enabled us to deliver sustained value for our clients, partners, and shareholders,” said Stanbic’s CEO, Dr. Joshua Oigara.
“Our results reflect the Bank’s balanced approach to navigating a dynamic operating environment. Strategic management of the balance sheet mix has enabled us to cushion against macroeconomic shifts while positioning the Bank for Sustainable growth amidst shifting macroeconomic factors,” noted Stanbic Bank Chief Financial & Value Officer, Dennis Musau.
Related: Stanbic Bank Posts Kshs 7.2 billion Net Profit and Ksh 1.84 Interim Dividend
