Stanbic Bank Kenya has registered a 26.7% increase in Net Earnings at the end of the first quarter of this year ending March 31st 2021, compared to KSh 1.5 Billion in Q1 2020.
Stanbic Bank Kenya’s balance sheet size grew to KSh 317 Billion in Q1 2021 from KSh309.7 Billion over a similar period last year.
With the COVID-19 pandemic lockdowns and restriction slowing the level of business activity, the lender’s loan to customers declined to KSh 157.9 Billion from KSh 161.8 Billion in Q1, 2020.
Stanbic Bank Kenya financials
The lender’s operating income increased significantly to KSh 6 Billion in Q1, 2021 from KSh 5.4 Billion at the end of March last year, pushed up by a 21.7% hike in non-interest funded income.
Total interest income remained flat at KSh4.8 billion while Net Interest Income was KSh 3.2 Billion.
The lender’s per Share (EPS) rose to KSh 11.04 from KSh8.97 in Q1, 2020.
The lender’s gross non-performing loans (NPLs) increased to KSh26.4 Billion from KSh21.1 Billion in Q1, 2020. Its loan loss provisions declined marginally to KSh 609.5 Million from KSh 617 Million in Q1,2020.
Other lenders are expected to release their unaudited Q1, 2021 financial results in the coming week.