Stanbic Holdings has recorded a KES 12.2 billion profit after tax for the financial year ended December 31, 2023, attributable to improved net interest margins, balance sheet growth, and strong trading revenue.
- During the period under review, customer deposits rose by 18 per cent to KES321 billion.
- Loans and advances increased by 10 per cent to KES 261 billion.
- Non-interest income was buoyed by foreign exchange revenue, driven by increased volumes and better margins.
“Despite facing a challenging business environment marked by heightened currency and inflationary pressure, rising interest rates and geopolitical tensions, the Group delivered strong financial results. This demonstrates resilience in our business model underpinned by diligent execution of our strategy. We remain committed to our purpose of driving Kenya and South Sudan’s growth, more so as we transition to our new 3-year strategy,” said Joshua Oigara, Stanbic Bank Kenya and South Sudan Chief Executive.
Stanbic’s operation in South Sudan also remained profitable amidst a challenging operating environment. The focus on South Sudan is premised on intermediating currency flows and payments for its clients. Its other subsidiaries namely SBG Securities Limited and Stanbic Bancassurance Intermediary Limited also delivered double digit growth in 2023.
The Bank’s Chief Financial and Value Officer Dennis Musau noted that the Bank’s previous three-year strategy delivered the envisioned goal of a sustainable growth trajectory with all the key metrics depicting better returns.
“Today’s results are demonstrable proof that our three-year strategy yielded a positive and sustainable growth trajectory delivering 39%, 26% and 34% growth in profitability in 2021, 2022 and 2023 respectively. Our deliberate focus on transforming client experience, institutionalising operating efficiencies and focus on sustaining our returns are the underlying pillars to these outcomes,” Musau said.
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