Stanbic profit up 26 percent to Sh9.1 billion

Stanbic Holdings has become the first bank in Kenya to report its full year earnings for the period ended December 2022 with the lender’s net profit surging by 26 percent to close the period at Kes9.1 billion.

Following the strong results, the board is set to pay final dividend of Kes12.6 per share, which will be a 40 percent increase from the amount shareholders received in the previous year.

In the 12-month period, the bank’s total operating income edged up by 28.4 percent to Kes31.2 billion even as non-interest income surged by 22.6 percent to close the year at Kes12.7 billion.

Stanbic bank’s interest income went up by Kes5.5 billion in the year to Kes25.6 billion in a period when the lender saw loans and advances edge up by 29.2 percent to Kes19.5 billion. The bank’s loan loss provision went up significantly by 112.9 percent to Kes4.5 billion in the trading period where the gross non performing loans jumped by 26 percent to Kes28.4 billion.

Customer deposits increased by Kes42.3 billion to Kes282 billion in a year that the lender’s board appointed Joshua Oigara as the chief executive officer with effect from November 2022.

Mr Oigara took over from Charles Mudiwa, who proceeded on retirement on December 31 after two-decades working with Stanbic Bank.

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