Nairobi, Kenya, March 3 -Stanbic Holdings has reported a 39 percent jump in profit for the year ended 31 December 2021 after posting Shs 7.2 billion in profits.
The rise was attributable to solid business momentum and various interventions that enabled the Group and its customers to weather COVID-19 related challenges.
The Company also announced an Shs 2.9 billion final dividend bringing the total dividend for the year to Shs 3.6 billion, considering it paid KES 0.7 billion in interim paid in August 2021.
Once approved at the Annual General Meeting (AGM), the total dividend payout will represent 50 percent of the Company’s profit for the year and a 137 percent increase from last year’s amount.
Stanbic’s Chief Executive Charles Mudiwa said the firm’s focus has been on supporting our customers to navigate the pandemic and drive sustainable business growth.
“We are glad to have achieved this objective courtesy of our dedicated team and strong partnerships with our customers. Our future-ready digital transformation journey continues to simplify our customers’ banking experience in a way that empowers and gives them more control”.
The bank’s digital penetration rose rapidly over the period with over 85% of new accounts being opened digitally and four times increase in the number of accounts opened daily.
The Group’s customer loans went up by 17 percent to Shs 185billion in the reporting period, signaling its unwavering support to its customers to help them grow and realize their full potential.
Customer deposits also grew by 11 percent to Shs 242billion demonstrating the trust customers have in the institution. Credit quality improved evidenced by a reduction in the credit loss ratio to 1.4 percent in 2021 from 3.01percent in 2020.
