Stanbic Holdings PLC, the parent company of Stanbic Bank Kenya, has posted a profit after tax of KShs 13.72 Bn for the year ended 31 December 2025, virtually unchanged from KShs 13.72 Bn in 2024.
- •The lender is the second major Kenyan bank to report full year 2025 results, after Absa Bank Kenya.
- •The CBK's ongoing easing cycle is compressing top-line income even as balance sheets expand aggressively.
- •Of those cuts, 225 basis points fell within the 2025 calendar year, the period most directly reflected in the group's income statement.
Total operating income declined 3.1% to KShs 38.51 Bn, with both net interest income and non-interest revenue contracting. The result was rescued, as it was across the sector, by a sharp reduction in credit impairment charges, which fell 47.5% to KShs 1.63 Bn.
Pre-provision profit, a cleaner measure of operating performance, fell 6.9% to KShs 20.60 Bn. The balance sheet grew 19.0% to KShs 541.25 Bn, underpinned by 24.4% loan book growth and a 23.5% rise in customer deposits.
The cost-to-income ratio, which improved to 44.4% in 2024, has widened again to 46.2% in 2025, above the group's own strategic target band of 41-43%. Return on equity has slipped 133 basis points to 18.0%, against a strategic target of 23-25%.
Stanbic Holdings declared a total dividend of KShs 22.35 per share for FY2025, up 7.8% from KShs 20.74 in 2024, the highest payout in the group's history and part of KShs 17.0 Bn returned to shareholders over the last two years.
| Metric | FY2025 | FY2024 | YoY Change |
|---|---|---|---|
| Net Interest Income | 24.08Bn | 24.34Bn | ▼-1.1% |
| Non-Interest Revenue | 14.43Bn | 15.41Bn | ▼-6.4% |
| Total Income | 38.51Bn | 39.74Bn | ▼-3.1% |
| Credit Impairment Charges | 1.63Bn | 3.10Bn | ▼-47.5% |
| Total Operating Expenses | 17.96Bn | 17.67Bn | ▲+1.6% |
| Profit Before Tax | 18.93Bn | 18.97Bn | ▼-0.2% |
| Income Tax Expense | 5.21Bn | 5.26Bn | ▼-0.9% |
| Profit for the Year | 13.72Bn | 13.72Bn | ▲+0.0% |
| Total Assets | 541.25Bn | 454.83Bn | ▲+19.0% |
| Loans and Advances | 366.53Bn | 294.70Bn | ▲+24.4% |
| Customer Deposits | 418.61Bn | 339.01Bn | ▲+23.5% |
| Total Equity | 80.15Bn | 75.40Bn | ▲+6.3% |
| Earnings Per Share | 34.70 | 34.70 | ▼0.0% |
| Dividend Per Share | 22.35 | 20.74 | ▲+7.8% |
Banking Arm
Stanbic Bank Kenya, the group's dominant subsidiary, reported profit after tax of KShs 13.50 Bn, down 1% from KShs 13.65 Bn.
- •The NII decline of 1.0% to KShs 24.08 Bn masked a more significant structural shift: the group's own presentation attributes this to 225 basis points of CBR cuts, partially cushioned by active funding cost management.
- •Non-interest revenue fell a sharper 6.4% to KShs 14.43 Bn, driven by a more than 200% collapse in FX margins as the Kenya shilling stabilised near KShs 129 to the dollar, only partially offset by a 52% surge in FX transaction volumes and growth in transaction fees.
- •Loan loss provisions dropped 47.5% to KShs 1.63 Bn, the group's credit loss ratio falling to a record low of 0.6%, with the NPL ratio holding at 8.0%, exactly half the industry average of 15.5%.
The balance sheet expanded 19.4% to KShs 531.59 Bn, with government securities surging 36.4% to KShs 103.08 Bn as the bank rotated toward sovereign paper amid tighter lending margins.
| Metric | FY2025 | FY2024 | YoY Change |
|---|---|---|---|
| Total Interest Income | 43.31 Bn | 52.27 Bn | ▼-17.1% |
| Total Interest Expenses | 14.72 Bn | 25.43 Bn | ▼-42.1% |
| Net Interest Income | 28.59 Bn | 26.85 Bn | ▲+6.5% |
| Non-Interest Income | 9.48 Bn | 12.52 Bn | ▼-24.3% |
| Total Operating Income | 38.07 Bn | 39.36 Bn | ▼-3.3% |
| Loan Loss Provision | 2.00 Bn | 3.50 Bn | ▼-42.8% |
| Total Operating Expenses | 19.48 Bn | 20.56 Bn | ▼-5.2% |
| Profit Before Tax | 18.59 Bn | 18.80 Bn | ▼-1.1% |
| Profit After Tax | 13.50 Bn | 13.65 Bn | ▼-1.1% |
| Total Assets | 531.59 Bn | 445.25 Bn | ▲+19.4% |
| Loans and Advances (net) | 270.01 Bn | 230.32 Bn | ▲+17.2% |
| Govt Securities | 103.08 Bn | 75.55 Bn | ▲+36.4% |
| Customer Deposits | 384.18 Bn | 321.57 Bn | ▲+19.5% |
| Gross NPLs | 23.30 Bn | 22.64 Bn | ▲+2.9% |
Brokerage Arm
SBG Securities' Profit after tax surged more than 250% to KShs 68.97 M, driven by a 35.5% rise in brokerage commissions and a near-eightfold jump in fund management fees to KShs 57.53 Mn.
Assets under custody grew 34% to KShs 824Bn and assets under management more than doubled to KShs 5.30 Bn. The board proposed a dividend of KShs 80 Mn, four times the prior year payout.
| Metric | FY2025 | FY2024 | YoY Change |
|---|---|---|---|
| Brokerage Commission | 202.76M | 149.59M | ▲+35.5% |
| Advisory/Consultancy Fees | 9.60M | 43.36M | ▼-77.9% |
| Interest Income | 52.52M | 66.91M | ▼-21.5% |
| Fund Management Fees | 57.53M | 6.59M | ▲+772.8% |
| Other Income | 25.28M | 15.07M | ▲+67.8% |
| Total Income | 347.70M | 281.53M | ▲+23.5% |
| Total Expenses | 243.00M | 249.21M | ▼-2.5% |
| Operating Profit | 104.71M | 32.31M | ▲+224.1% |
| Profit Before Tax | 104.71M | 32.31M | ▲+224.1% |
| Profit After Tax | 68.97M | 19.55M | ▲+252.8% |
| Total Assets | 1,047.02M | 816.30M | ▲+28.3% |
Bancassurance also contributed, with Stanbic Bancassurance Intermediary posting PAT growth of 8% to KShs 188 M.
Sixteen Years On
Since the 2008 merger of CfC Bank and Stanbic Bank Kenya, the group's total assets have grown from KShs 127.69 Bn to KShs 541.25 Bn, a more than fourfold expansion.
Profit after tax has risen from KShs 0.04 Bn in 2009 to KShs 13.72 Bn, compounding steadily through rate cycles, the interest rate cap era between 2016 and 2019, and credit stress in 2020 and 2023.
- •The share price has risen 44.1% in 2024 and a further 44.1% in 2025 to KShs 197.75, with KShs 17.0 Bn returned to shareholders over the last two years.
- • Loan loss provisions spiked to KShs 6.24 Bn in 2023, the highest in the group's post-merger history, before falling sharply to KShs 1.63 Bn in 2025.
The challenge entering 2026 is well defined. The group itself flags early electioneering, slow private sector credit uptake, continued FX trading weakness, and global trade shocks as the primary risks. Revenue growth, which declined 3.1% in 2025 against a strategic CAGR target of 14-16%, remains the central unresolved question.
