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Stanbic net profit up by 105% to Sh3.6B

Stanbic net profit up by 105% to Sh3.6B

Stanbic Holdings Plc has recorded a 105 per cent increase in its half-year profit after tax for the period ended June 30, 2018, driven by strong growth in revenues.

The Group, which consists of Stanbic Bank Kenya Ltd, SBG Securities and Stanbic Insurance Agency Ltd delivered Sh3.6 billion in profit, compared to Sh1.7 billion for the same period last year.

The group’s total revenues for the year netted Sh11.2 billion, compared to Sh9.2 billion the previous year. This is attributed to enhanced contribution from non-interest income which grew by 34 per cent accounting for a half of the total revenues.

Stanbic Bank Kenya’s customer deposits grew by 21 per cent to stand at Sh164.9 billion.

Net interest income for the period increased to Sh5.6 billion, from the Sh4.9 billion the previous year, driven by growth in loans and advances, whose value stood at Sh136.5 billion, compared to Sh117.9 billion the previous year.

Speaking during an investor briefing, Stanbic Bank Kenya’s Chief Executive, Charles Mudiwa noted that the impressive performance was the result of unwavering focus on fulfilling needs of customers, leveraging digital technology to enhance their experiences.

Mudiwa said the bank was committed at driving Kenya’s growth by innovatively delivering financial solutions  attuned to customers’ needs.

“Digitization is key for our future. Technology continues to present an opportunity to improve our customers’ experiences and ensure that our services are consistently available, anytime, anywhere,” he said.

Stanbic Bank has been trailblazing innovative digital channels for delivering financial solutions. These include M-Shares, Kenya’s first-ever USSD mobile trading platform that enables individuals to directly buy and sell shares on the Nairobi Securities Exchange.

It introduced a solution that enables M-PESA agents to access float from its ATMs; as well as Till2Bank solutions where merchants can settle cash from the till to the bank account real-time.

The bank also pioneered LIPA360 payment solution for schools to facilitate easy fee remittances reconciliation and record keeping.