A leaner Stanbic Bank Kenya Limited recorded an increase in net earnings to KSh 5.1 billion in September this year compared to KSh 4.7 billion in the first nine months period of last year.
This is after undertaking a massive staff retirement program to cut down on its expenses and boost income.
The Bank’s balance sheet grew in size to KSh 294.3 billion from KSh 286.3 billion during the period under consideration in 2018.
The size of its loan book stood at KSh 161.7 billion compared to KSh 141.1 billion in a similar period last year.
Total Interest Income derived from loans, investment in government paper and deposits in other financial institutions, amounted to KSh 15.4 billion compared to KSh 13.8 billion in Q3 of 2018.
The Bank made a loan loss provision of KSh 1.6 billion compared to KSh 1.2 billion in the nine months period of 2018 while fees and commissions on loans to customers increased to KSh 283.9 million from KSh 216.8 million in Q3, 2018.
The portfolio of gross non-performing loans grew from KSh 10.6 billion to KSh 18.9 billion during the period under consideration.
In Q3, Stanbic Bank spent KSh 773.5 million to finance a programme involving voluntary retirement of 88 members of its staff.
Stanbic Bank Kenya, a member of the Pan-African Standard Bank Group, was recently recognized as Kenya’s best private bank for 2019.
This is the fourth time the bank is winning the award having previously won for three consecutive years in 2015, 2016, 2017.
Stanbic Bank Kenya Chief Executive Charles Mudiwa attributes these prestigious awards to Standard Bank Group and the bank’s revamped commitment to wealth management and service excellence.
“This award is a testimony to our solid track record of providing bespoke solutions in wealth and financial management services thus contribute to national development. It is a demonstration of the confidence entrusted in us by our clients who continuously challenge us to deliver globally relevant solutions in tune with their long-term and short-term dreams, goals, and ambitions,” said Mudiwa.