NAIROBI, Kenya, March 9 – Stanbic Holdings Plc has posted a Sh9.1 billion net profit for the full year ended 31 December 2022, a 26 per cent jump from the Sh7.2 billion posted in 2021.
The growth was attributed to double-digit growth in revenue and customer loans, increased operational efficiencies and judicious risk management.
The lender posted a 28 per cent revenue growth to close at Sh32 billion in the period under review.
Customer deposits increased by 12 per cent to stand at Sh272 billion, while loans and advances to customers were up 27 per cent to close at Sh236 billion.
Stanbic Kenya and South Sudan’s Chief Executive, Joshua Oigara said the firm’s strategic plan formulated and adopted three years ago continues to facilitate growth and organizational resilience.
“Despite the uncertain and challenging operating environment last year, the business delivered strong results, thanks to focused execution across our strategic plan. The plan is anchored on catalytic growth pillars such as customer service excellence and technology integration to boost operating efficiencies.,” Oigara said.
Shareholders at the Nairobi Securities Exchange (NSE) listed firm will, subject to approval at the next Annual General Meeting, enjoy Sh4.98 billion in dividends, a 40 per cent from the previous year’s Sh3.56 billion.
This translates to a dividend per share of Sh12.60 from Sh9 in 2021.
Stanbic Holdings Chief Financial and Value Officer Dennis Musau noted that the significant progress on its strategic plan and requisite measures made by the Bank over time have cumulatively contributed to its strong growth momentum.
“Over time, we have made investments to drive faster customer acquisition, efficient and convenient service and internal operational efficiency. The outcome of these efforts is evident in our Cost to Income ratio which reduced from 50.9 per cent in 2021 to 46.7 per cent in 2022, boosting our Return on Equity to 15.3 per cent, up from 13.3 per cent in 2021.” said Musau.
