Stanbic Bank Kenya Ltd has released its financial results for the first quarter of 2024, reporting a Profit After Tax (PAT) of KES 4 billion, representing 2.8% increase from Q1 2023.
- While net interest income (NII) saw a significant 19.6% increase, non-funded income (NFI) declined by 34%. This decline in NFI was primarily driven by a sharp decrease in Foreign Exchange (FX) trading income and a slight dip in fees and commissions on loans and advances.
- The bank reported a 53.9% rise in total interest income, fueled by increased interest earned from loans and advances and deposits with banking institutions.
- Total assets for the bank surged by 25.5% to KES 491.5 billion, driven by substantial growth in loan and advances, deposits, and balances due from banking institutions abroad.
- Loan and advances grew by 11.1% year-on-year, reaching KES 255.8 billion. However, the loan-to-deposit ratio (LDR) declined significantly from Q1 2023, indicating a relative decrease in loan utilization compared to deposits.
- Customer deposits increased by 22.2% to KES 355.5 billion
- Operating expenses (OPEX) witnessed a notable decline while Cost to Income Ratio (CIR) improved both with and without provisions
- Asset quality showed improvement, with Gross Non-Performing Loans (NPLs) declining by 17.3% year-on-year, driven by Kenya Shilling gains and strategic write-offs.
- No interim dividend was declared
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