Stanbic Holdings has posted a 47 per cent profit after tax of Sh7.1 billion for the half-year period ended June 2023 on the back of a significant growth in revenue and balance sheet.
Stanbic announced a total revenue growth of 38 per cent to Sh21 billion as its return on equity also realized a growth of 472bps.
Stanbic Kenya and South Sudan CEO Joshua Oigara noted that the bank realized impressive results amid a tough business environment based on local and global economic factors.
“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,” said Oigara
He added, “We remain committed to delivering superior value to our clients, shareholders, and partners, who continue to drive our performance.”
Stanbic Holdings declared a Sh1.15 dividend per share for its shareholders during the announcement of its half year financial results in Nairobi on Thursday.
The financial services company says it will continue to focus on trade, consumer, power infrastructure and SMEs in Kenya and South Sudan as it diversifies its portfolio for growth.
During the same period in review, customer deposits grew by 10 per cent to Sh259 billion, while the bank’s loans and advances to customers went up by 12 per cent to Sh244 billion.
Stanbic Chief Financial and Value Officer Dennis Musau noted that the Group’s strategy to focus more on the customer and other key growth drivers enabled it to sustain its growth.
“Our client-centric approach continues to bear fruit enabling us to deliver strong growth in all revenue lines and key balance sheet drivers. Our business model, liquidity and capital position remain sufficient to support future growth,’’ said Musau.
Musau noted that Stanbic’s South Sudan business continues to facilitate payments and intermediate foreign currency to realise high operational efficiency and market expansion.
Stanbic disbursed loans totaling Sh22 billion to support SMEs and USD100 million to fund green projects during the half year period as it seeks to drive growth in Kenya and South Sudan.