Stanbic Holdings has reported Sh7.1 billion profit after tax in the first-half result released on Thursday, from Sh4.8 billion reported same period last year.
During the period, revenue grew by 38 per cent to Sh 21billion from Sh15.2billion reported last year, while return on equity rose by 472bps.
The directors of the bank declared an Interim Dividend of Sh1.15 for each ordinary share of Sh5 on the issued and paid-up share capital of the Company.
According to Stanbic’s Chief Executive, Dr Joshua Oigara focused execution of the Group’s strategy was critical to delivering strong results despite a challenging operating business environment influenced by negative global and local economic trends.
“Our business delivered strong results despite challenging market and geopolitical dynamics all of which caused monetary and fiscal pressure. Leveraging on our core capabilities and market segments, we seized opportunities and navigated macro and micro challenges, sustaining growth in our Kenya and South Sudan businesses. We remain committed to delivering superior value to our clients, shareholders, and partners, who continue to drive our performance,” he said.
Customer deposits increased by 10 per cent to stand at Sh259 billion, while loan and advances to customers grew by 12 per cent to close at Sh244 billion.
Stanbic’s Chief Financial and Value Officer Dennis Musau noted that Stanbic’s strategy and key growth drivers helped the Group navigate the challenging operating environment.
“In the period under review, we had strong momentum in our fundamentals, helping us deliver client and shareholder value. Our client centric approach continues to bear fruit enabling us deliver strong growth in all revenue lines and key balance sheet drivers.’’ said Musau. “Our business model, liquidity and capital position remain sufficient to support future growth.”
“Supported by high operational efficiency and market focus, Stanbic’s banking business in South Sudan remained profitable as we continued to facilitate payments and intermediate foreign currency flows for our clients.’’ Musau added.