NAIROBI, Kenya, Aug 10 – Stanbic Holdings Plc has recorded a Sh7.1 billion net profit for the half-year ending June 30, 2023, attributed to growth in revenue and balance sheet.
The rise was on the back of a 38 percent growth in total revenue to Sh21 billion as well as a 472 basis points (BPS) increase in equity return.
“Our business delivered strong results despite challenging market and geopolitical dynamics all of which caused monetary and fiscal pressure,” Stanbic Kenya and South Sudan Chief Executive Joshua Oigara said.
“Leveraging on our core capabilities and market segments, we seized opportunities and navigated macro and micro challenges, sustaining growth in our Kenya and South Sudan businesses,” Oigara added.
“We remain committed to delivering superior value to our clients, shareholders, and partners, who continue to drive our performance. We are pleased to declare a Kes 1.15 dividend per share for our shareholders.‘’
In the review period, customer deposits increased by 10 percent to Sh259 billion, while loans and advances to customers grew by 12 percent to Sh244 billion.
“Our business model, liquidity and capital position remain sufficient to support future growth,” Stanbic’s Chief Financial and Value Officer Dennis Musau said.
“Supported by high operational efficiency and market focus, Stanbic’s banking business in South Sudan remained profitable as we continued to facilitate payments and intermediate foreign currency flows for our clients.’’ he added.
