Stanbic Holdings Posts Sh9.1B Full Year Profit

Stanbic Holdings Plc has posted an Sh9.1 billion net profit for the full year ended 31 December 2022, a 26 per cent jump from the Sh7.2 billion posted in 2021.

Increased operational efficiencies, prudent risk management, and double-digit growth in revenue and client loans were all stated as contributing factors to the expansion.

The lender reported a 28% increase in revenue throughout the examined period, ending at Sh32 billion.

Deposits from clients increased by 11% to Sh272 billion, while advances and loans to customers increased by 27% to Sh236 billion.

Joshua Oigara, Chief Executive of Stanbic Kenya and South Sudan, stated that the company’s strategic plan, which was created and accepted three years ago, continues to support organizational resilience and growth.

“Despite the uncertain and challenging operating environment last year, the business delivered strong results, thanks to focused execution across our strategic plan. The plan is anchored on catalytic growth pillars such as customer service excellence and technology integration to boost operating efficiencies.,” Oigara said.

Subject to approval at the following Annual General Meeting, shareholders of the Nairobi Securities Exchange (NSE) listed company will receive Sh4.98 billion in dividends, a 40% increase from Sh3.56 billion in the prior year.

As a result, the dividend per share would increase to Sh12.60 from Sh9 in 2021.

Dennis Musau, Chief Financial and Value Officer at Stanbic Holdings, stated that the Bank’s necessary actions taken over time and the tremendous progress made on its strategic strategy have collectively led to its strong growth momentum.

“Over time, we have made investments to drive faster customer acquisition, efficient and convenient service, and internal operational efficiency. The outcome of these efforts is evident in our Cost to Income ratio which reduced from 50.9 percent in 2021 to 46.7 percent in 2022, boosting our Return on Equity to 15.3 percent, up from 13.3 percent in 2021,” said Musau.