Stanbic Bank Posts 45% Net Profit jump to Sh6bn

Stanbic Holdings Plc has posted KSh6.3 billion profit after tax last year, a 46 percent growth from the previous year’s KSh4.3 billion, driven by growth in customer loans and deposits.

According to the just released 2018 full year results for the period ending 31st December 2018, Stanbic Bank’s loan book grew by 12 percent, from last year’s KSh130.5 billion to stand at KSh146.6 billion. Customer deposits for the year stood at KSh197.9 billion, a 29 percent growth compared to the KSh153 billion in 2017. Stanbic Holdings Plc wholly owns Stanbic Bank Kenya Limited, SBG Securities Kenya Limited and Stanbic Insurance Agency Limited.

Speaking when he announced the results,  the Chief Executive of Stanbic Bank Kenya, Charles Mudiwa said: “Despite what still remains a challenging operating environment, the unwavering support of our customers has enabled us to deliver these impressive results. This is the reason, we have placed the customer at the centre of all that we do, to ensure that we are consistently delivering solutions that are relevant, personalised, accessible and comprehensive.”

Stanbic Holdings’ earnings per share, which is a measure of profitability, stood at KSh15.88, an improvement from KSh10.90 posted last year.

Mr Mudiwa said that the bank’s strategic focus remains leveraging innovative digital technology to deliver solutions that are attuned to customers’ dynamic financial needs.

“We also continue to actively seek opportunities to partner with businesses and individuals to unlock their potential and contribution to the economy. This is inspired by our belief and commitment to this market, which has been our home for over 100 years, and whose growth we are committed to drive. This is by enabling busineses to thrive, investing in communities that we operate in, and partnering with government to arrange financing for projects,” he added.

During the year, the lender enhanced its support to businesses, issuing letters of credit, guarantees and acceptances to the tune of KSh78.3 billion.

Stanbic Holdings’ brokerage arm, SBG Securities, posted KSh77 million in profit after tax, a 141 percent jump from last year’s KSh32 million while the insurance arm Stanbic Insurance Agency Limited posted a Ksh 72 million profit for the year ending 31st Dec 2018 up from Ksh 35 million for the same period in 2017.  SBG Securities has been on the recovery path, having bounced back from a loss of Ksh7 million in 2016.

Shareholders of Stanbic Holdings Plc will receive KSh5.80 dividends per share, up from the KSh5.25 per share paid out last year.