Stanbic Holdings has announced that it has registered a profit after tax of Ksh. 7.2 billion for the year ended 31 December 2021. This represents a 39% increase from last year’s net profit which was Ksh. 5.1 billion.
The company has also announced a Ksh. 2.9 billion final dividend bringing the total dividend for the year to Ksh. 3.6 billion. The company paid a Ksh. 0.7 billion in interim dividends to its shareholders in August 2021. Once approved at the Annual General Meeting (AGM), the total dividend payout will represent 50% of the Company’s profit for the year and a 137% increase from the last period.
Stanbic’s Chief Executive, Mr. Charles Mudiwa said, “Our focus has been on supporting our customers to navigate the pandemic and drive sustainable business growth. We are glad to have achieved this objective courtesy of our dedicated team and strong partnerships with our customers. Our future-ready digital transformation journey continues to simplify our customers’ banking experience in a way that empowers and gives them more control”.
The company’s customer loans went up by 17% to stand at Ksh.185 billion in the period. Customer deposits also grew by a double digit (11%) to Ksh. 242 billion. Credit quality improved evidenced by a reduction in the credit loss ratio to 1.4% in 2021 from 3.01% in 2020.
Stanbic has initiated several partnership agreements centered around socio-economic development in the country. Stanbic partnered with Microsoft Kenya and the Ministry of Trade and Industrialization through the Stanbic Kenya Foundation to support over 50,000 individuals and MSMEs by providing capacity building and equipping them with digital and business skills through the FutureNiDigital campaign.
The company partnered with United States African Development Foundation (USADF) to provide grants amounting to Ksh. 33million to MSMEs, cooperatives, and producer groups in Kenya. This is part of the USD 10 million fund that has been set aside to help position Kenyan businesses for success. Stanbic also donated 430 computers to support in digital skills training that will help SMEs and MSMEs upskill themselves and be able to position their businesses better in a digital world.
As part of the company’s health efforts, Stanbic partnered with the Population Service Kenya (PSK) and Tunza Clinic to carry out cancer screenings, reaching over 10,000 individuals from low income areas in Kenya who do not have access to affordable healthcare. In addition, they has helped distribute over 161K of personal protective equipment (PPE) and trained 845 Health practitioners on Business Resilience.
The Group continues to champion women entrepreneurs through its flagship DADA program, which supports women in their financial and non-financial endeavors. This year, Stanbic celebrated the second DADA anniversary having signed up over 29,000 women and have further trained over 10,000 individuals and business owners on business best practices.
Under its green financing focus, Stanbic facilitated the issuance of the first ever Green Bond in Kenya by Acorn in 2019. This year, Stanbic and SBG Securities led the arrangement and placement of Acorn’s second tranche of its Green Bond, as a Medium-Term Note Programme.
In recognition of Stanbic’s commitment to the growth and development of Kenya, the Bank was awarded the Best Trade Finance Bank in Kenya and the Best Investment Bank in Kenya at the GTR Leaders in Trade Country Awards for 2021 and Euro Money Awards for Excellence 2021. Stanbic was also the 1st Runners up in East Africa and Best Bank in Kenya for Best Presented Annual Report at the 2021 FiRE Awards and the 2nd Best Integrated Report in the Region at the 2021 CGISA / JSE Integrated Reporting Awards.
Stanbic Holdings Plc is a subsidiary of Stanbic Africa Holdings Limited, which is in turn owned by Standard Bank Group Limited, Africa’s leading banking and financial services group. Stanbic Holdings Plc owns 100% of Stanbic Bank Limited and 100% of SBG Securities Limited.
Stanbic Bank Kenya is a member of the Standard Bank Group, Kenya’s seventh largest commercial bank by assets. SBG Securities Limited is a subsidiary of Stanbic Holdings Plc in Kenya and a member of Standard Bank Group. Stanbic Bancassurance Intermediary Limited (SBIL) is a subsidiary of Stanbic Bank Holdings that is mandated and acts as an intermediary between the banks’ clients and Insurers in the business of risk management through identification of client needs and matching them with insurance solutions.