Stanbic Holdings Plc has posted a 37 per cent increase in profit after tax of Sh4.8 billion for the first six months to June.
It attributed the rise in performance to "strong business momentum and judicious execution of its digital transformation strategy".
The group’s customer loans went up by 31 per cent to Sh217 billion compared to a similar period last year.
Net interest income was up by 21 per cent driven by growth in the lending book across all the business segments, improved margins and funding cost management.
"Our future-ready digital transformation journey continues to simplify and enhance our customers’ banking experience,” Stanbic chief executive, Charles Mudiwa said.
The lender's credit quality improved evidenced by a reduction in the credit loss ratio to 1.1 per cent in the first half 2022 from 1.64 per cent over a similar period in 2021.
“We hope to build on this good momentum for the remainder of 2022, to continually deliver better returns to our shareholders, unmatched service to our customers and ultimately, to move the Kenyan and South Sudan economy forward,” said Mudiwa.
Mudiwa added that the Group will continue to focus on deepening client relationships and improving customer service whilst improving operational efficiency.
