Kenya: Stanbic bank records Sh3.6Bn in profit
This is attributed to enhanced contribution from non-interest income which grew by 34% accounting for a half of the total revenues.
Stanbic Holdings Plc has recorded a 105 per cent increase in its half-year profit after tax for the period ended June 30, 2018, driven by strong growth in revenues.
The Group, which consists of Stanbic Bank Kenya Ltd, SBG Securities and Stanbic Insurance Agency Ltd delivered KSh3.6 billion in profit, compared to KSh1.7 billion for the same period last year. The group’s total revenues for the year netted KSh11.2 billion, compared to KSh9.2 billion the previous year.
Stanbic Bank Kenya’s customer deposits grew by 21 per cent to stand at KSh164.9 billion. Net interest income for the period increased to KSh5.6 billion, from the KSh4.9 billion the previous year, driven by growth in loans and advances, whose value stood at KSh136.5 billion, compared to KSh117.9 billion the previous year.
Speaking during an investor briefing, Stanbic Bank Kenya’s Chief Executive, Charles Mudiwa noted that the impressive performance was the result of unwavering focus on fulfiling needs of customers, leveraging digital technology to enhance their experiences.
“Digitisation is key for our future. Technology continues to present an opportunity to improve our customers’ experiences and ensure that our services are consistenly available, anytime, anywhere. We are committed to continue driving Kenya’s growth by innovatively delivering financial solutions that are attuned to our customers’ needs. When our customers move forward, we move forward too,” Mr Mudiwa added.
Stanbic Bank has been trailblazing innovative digital channels for delivering financial solutions. These include M-Shares, Kenya’s first-ever USSD mobile trading platform that enables individuals to directly buy and sell shares on the Nairobi Securities Exchange. Stanbic Bank Kenya also introduced a solution that enables M-PESA agents to access float from its ATMs; as well as Till2Bank solutions where merchants can settle cash from the till to the bank account real-time. The bank also pioneered LIPA360 payment solution for schools to facilitate easy fee remittances reconciliation and record keeping.
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