Stanbic Holdings has announced that it has recorded a 14 percent rise in its half-year profit after tax for the year ended June 30 2019 which stood at Ksh. 4 billion. The banking group had reported a Ksh. 3.5 net profit in the same period in 2018.
The Group’s loan book grew by 19 percent to Ksh. 161.9 billion from last year’s Ksh. 136.5 billion. Customer deposits increased 20 percent to KSh. 201.6 billion from KSh. 167.3 billion for the previous period. Total income for the period stood at Ksh. 12.8 billion which was increase from 11.1 billion in the same period in 2018. Operating expenses for the period stood at Ksh. 6 billion which is an increase of 5% from the Ksh. 5.7 billion they recorded in 2018.
Their performance was also supported by a strong showing from non-interest revenue. The brokerage business, SBG Securities reported KSh. 82 million in profit after tax, more than double the previous half year’s performance of KShs 32 million.
According to Stanbic’s newly launched Sustainability Report, the Group continued to invest in the community by creating value beyond financial outcomes. Over 500 businesses were trained through a mentorship programme dubbed BizConnect, over 500 Uber drivers now own their cars due to financing by the bank. Additionally, over 100 students benefitted from the bank’s Scholarship Programme in partnership with the Palmhouse Foundation.
The board of directors have announced a dividend of Ksh. 1.25 dividends per share.
Stanbic Bank was founded in Kenya 108 years ago with the 1st branch opening in Nairobi and Mombasa in January 1911. Stanbic Bank is a member of the Standard Bank Group, which was founded more than 150 years ago. Standard Bank is the largest financial institution in Africa by Market capitalisation, having an on- the-ground representation in 20 African countries. Stanbic Holdings consists of Kenya Bank, South Sudan branch, SBG Securities and Stanbic Insurance Agency Limited.