Stanbic Holdings Posts Ksh 7.2 Billion Profit for H1 2024
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Stanbic Holdings recorded a Ksh7.2 billion profit in H1 2024, a 2.3% increase from the same period last year.
The bank’s chief executive, Joshua Oigara, said that the bank’s results highlighted its continued resilience amid a challenging operating environment.
“Despite a broadly positive economic outlook in Kenya and the region, the first half of 2024 was a mixed economic landscape. The appreciation of the Kenya Shilling against the Dollar bolstered foreign exchange reserves and provided some economic stability,’’ noted Oigara.
”However, severe floods in between March to May, caused extensive damage to infrastructure, agriculture, and homes, disrupting economic activities and necessitating substantial recovery efforts. Additionally, the latter part of the half was characterized by civil protests.’’ he added.
Despite the challenges, Oigara stated that the Group achieved positive financial results, driven by diligent execution and a strong commitment to the newly reimagined three-year growth strategy.
The company’s loans to customers and fellow banks increased by 28.4% from Ksh281.4 billion to Ksh361.4 billion. Assets also grew by 29.6% from Ksh384.3 billion to Ksh497.9 billion.
Net interest income rose by 4.2% to Ksh12.6 billion from Ksh12.1 billion due to increased earnings from the bank’s lending activities. However, non-interest income decreased by 15.1% to Ksh7.6 billion from Ksh8.9 billion.
Read: KCB Bank Tanzania Profits after Tax Hit TZS 26.1 Billion in H1 2024
Deposits from banks and customers reached Ksh387.6 billion, a 35.8% increase from Ksh285.4 billion in the same period last year. Total equity increased by 8.5% to Ksh69.4 billion from Ksh64 billion.
Total operating expenses decreased by 1.1 billion to Ksh10.1 billion from Ksh11.2 billion. Gross non-performing loans slightly increased to Ksh24.4 billion from Ksh23.8 billion.
The interim dividend increased by 60% to Ksh1.84 per share from Ksh1.15 per share. The cost-to-income ratio improved to 40.4% from 41.6% last year. However, the company’s revenue dropped by 4% from Ksh20.9 billion to Ksh20.1 billion.
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