PROFITS

Stanbic bank profits up by 43 per cent to Sh5.1 billion

The performance is attributed to the institution’s solid business momentum.

In Summary

•The performance is attributed to the institution’s solid business momentum and implementation of various interventions.

•This has enabled the bank and its clients to weather the volatile environment caused by the pandemic.

Stanbic Bank Kenya Chief Executive, Charles Mudiwa.
Stanbic Bank Kenya Chief Executive, Charles Mudiwa.
Image: STANBIC

Stanbic Bank Kenya has registered a Sh5.1 billion profit after tax for the third quarter of the year 2021, marking an increase of 43 per cent from Sh3.6 billion last year.

The performance is attributed to the institution’s solid business momentum and implementation of various interventions that have enabled the bank and its clients to weather the volatile environment caused by the pandemic.

Speaking to the bank’s performance, Chief Executive, Stanbic Bank Kenya, Charles Mudiwa said, “Our performance in this third quarter of 2021 is a true reflection of our unwavering support to our customers to help them grow and realize their full potential."

"We have done this by providing them with bespoke solutions and client experiences. This speaks to our It Can Be brand positioning strategy which we launched last year with the purpose of empowering our customers and putting their dreams and aspirations at the forefront.”

Stanbic Bank Kenya has been on an upward trajectory through 2021 owing to its strategic stakeholder engagements and partnerships. Having rolled out their 5-year strategy, the bank is driven by its purpose, Kenya is our home, we drive her growth and premised on delivering exceptional client experiences and superior value as they champion a digital future.

Chief Finance Officer Abraham Ongenge, commented on the financials noting that, “Our customer loans grew by 11% to 176.6 billion and our revenue increased by 9% to Ksh17.5 billion on account of an increase in earning assets, growth in non-financial income and lower cost of funds. We also saw a return on Equity of 16% from 12% and a credit loss ratio going down to 1.41% from 2.90% recorded in the same period last year.”

"Our costs, excluding loan loss provisions, went up by 15% and the total capital ratio stood at 17.5% against a minimum statutory ratio of 14.5%.” He further noted that Stanbic Holdings Plc the parent company of Stanbic Bank Kenya declared an interim dividend of 1.70 per share in August 2021.