NAIROBI, Kenya, Nov 25 – Stanbic bank has reported a net profit of Sh7 billion for the nine months ended September 30, a 37 per cent jump compared to the Sh5.1billion posted in the same period last year.
The performance was driven by the lender’s diversified business model, focus on customer experience, and dynamic digital transformation strategy.
During the period the lender’s operating income increased to Sh22.9 billion from Sh17.4billion in Q3 2021.
Non-funded income grew ahead of interest income at 37 per cent to Sh10.3 billion with net interest income up 27 per cent at Sh12.7billion
“We continue to leverage the Bank’s strength by combining products, people, and technology to better serve our customers and to expand into new strategic areas,” said Stanbic bank CEO Charles Mudiwa.
The lender’s assets grew by 25.9 per cent to Sh371.4billion. Revenue also grew by double digits at 31 per cent to close at Sh23billion.
Customer loans increased by 34 per cent to Sh237 billion while customer deposits grew by 26 per cent to Sh267.3 billion during the same period.
“We delivered good results through the first nine months of 2022, demonstrating the success of our transformation agenda,” said the Chief Finance and Value Officer, Dennis Musau.
Despite the high profits, the lender recorded an 88.7 per cent growth in loan provision costs to Sh2.9billion as gross-non-performing loans rose by 11.8 per cent to Sh25.6 billion.