Stanbic Bank Kenya Limited has posted a net profit of KSh 9.3 billion in Q3 2023 compared to KSh 6.9 billion over the first nine months of 2022, a growth of 33%.
“Our performance reflects our ability to take advantage of emerging market opportunities,” Dr. Joshua Oigara, CEO of Stanbic Bank Kenya & South Sudan, said. Stanbic Bank Kenya is part of the Standard Bank Group which has a presence in 20 African countries and across the globe.
- Stanbic Kenya’s unaudited financial statements also show that its pre-tax profit increased to KSh 12.9 billion in Q3 2023 from KSh 9.7 billion in Q3 2022.
- The lender’s balance sheet size grew to KSh 414.3 billion in Q3 2023 from KSh 371.4 billion in the nine months of 2022.
- The bank also recorded an increase in the loan book to KSh 250.9 billion from KSh 236.9 billion in Q3 2022.
Customer deposits grew to KSh 305.6 billion in Q3 2023 from KSh 267.3 billion at the end of the third quarter of 2022.
Interest income from loans increased to KSh 20.2 billion from KSh 13.4 billion while the lender’s earnings from Government securities increased to KSh 3.9 billion in Q3 2023 from KSh 3.5 billion in Q2 2022.
- The lender’s total interest income from loans, government securities, and deposits with other banks, grew to KSh 26.1 billion in Q3 2023 from KSh 17.6 billion in Q3 2022.
- Non-interest income from fees and commissions on loans, forex trading, dividend income, and others, grew to KSh 12.6 billion in Q3 2023 from KSh 10.3 billion in Q3 2022.
- The lender increased loan loss provisions to KSh 4.5 billion in Q3 2023 from KSh 2.9 billion in Q3 2022 while it cut the gross non-performing loans to KSh 18.9 billion in Q3 2023 from KSh 20.5 billion in Q3 2022.
The lender is listed on the Nairobi Securities Exchange (NSE). Its current share price of Stanbic is KSh 105.00.
The counter closed its trading day on Thursday, November 23, 2023, at KSh 105.00, recording a 2.9% gain over its previous closing price of KSh 102.00.
Stanbic began the year with a share price of KSh 102.00 and has since gained 2.94% on that price valuation, ranking it 19th on the NSE in terms of year-to-date performance.
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