NAIROBI, Kenya Sept 26 – Stanbic Bank Kenya has reported a 43 percent increase in its profit after tax for the nine months ending September which rose to Shs 5.1 billion from Ksh 3.6 billion last year.
Stanbic Bank Kenya Chief Executive Officer Charles Mudiwa attributed the growth to the various interventions that have enabled the bank and its clients to weather the volatile environment caused by the pandemic.
“Our performance in this third quarter of 2021 is a true reflection of our unwavering support to our customers to help them grow and realize their full potential. We have done this by providing them with bespoke solutions and client experiences,” he said.
The bank’s customer loans grew by 11 percent to Sh176.6 billion while the revenue increased by 9 percent to Sh17.5 billion on account of an increase in earning assets, growth in non-financial income, and lower cost of funds.
“Our costs, excluding loan loss provisions, went up by 15percent and the total capital ratio stood at 17.5percent against a minimum statutory ratio of 14.5percent.” a statement issued read in part.
Stanbic Holdings Plc the parent company of the bank has declared an interim dividend of 1.70 per share.
Chief Finance Officer, Stanbic Bank Kenya, Abraham Ongenge, while commenting on the results also noted that its business in South Sudan continued to remain profitable as it maintains intermediate foreign currency flows for its clients and keeps costs under control.
“The bank continues to invest in digital capabilities in South Sudan to allow us to better serve our customers and bring down costs of operating in the country,” he said.
