@DailyNation

Stanbic net profit rises 104pc to Sh3.55bn on bad loans drop, higher income

1 weeks ago, 05:40

By: Brian Ngugi

Stanbic Holdings’ after-tax profit more than doubled (104 per cent) to Sh3.55 billion in the half year ended June, boosted by improved performance in its banking business.

Its banking unit, Stanbic Bank, made a net profit of Sh3.48 billion in the period, a statement from the bank said, compared to Sh1.72 billion in the same period last year as lower provisions and higher income bolstered earnings.

Stanbic Bank recorded a 16.24 per cent loan book growth that raised interest income 15.46 per cent to Sh9.1 billion.

Stanbic Bank also benefited from lower loan loss provisions of Sh253.2 million, down from Sh1.8 billion an 86.45 per cent drop in the same period.

Stanbic Bank Kenya and Industrial and Commercial Bank of China (ICBC) have launched a loyalty programme for their customers travelling to China and Kenya.


Read More


Category: business news topnews

Suggested

3 hours ago, 00:08
@StandardMedia - By: James Wanzala
Form mergers, review strategies to be relevant, CS urges trade unions

Cabinet Secretary, Ministry of Labour and Social Protection Ambassador Ukur Yatani has urged trade unions to form partnerships. ...

Category: business news
9 hours ago, 17:50
@TheEastAfrican - By: Business Daily
Regulator suspends troubled ARM Cement from NSE

The company was placed under administration on Friday. ...

Category: topnews news business
9 hours ago, 18:01
@BusinessDaily - By: Edwin Mutai
Probe senators over Ruaraka land bribe claim, says Kajwang

It is alleged that Mr Mburu has submitted an audio recording of the Senators soliciting the bribe money to the DCI for investigations. ...

Category: business lifestyle news
8 hours ago, 19:42
@AfricaNews - By: Africanews
Ghana economy: IMF checks to stay in place after bailout package | Africanews

Ghana committed with the IMF in 2015 to an expanded credit facility program of nearly $1 billion, as a result of overspending and the depreciation of the cedi against the dollar ...

Category: africa africa_business business news
9 hours ago, 17:56
@BusinessDaily -
Court stops owner of Solai dam from leaving the county

Patel Kansagra barred from flying out although another judge had allowed him to do so. ...

Category: business lifestyle news
11 hours ago, 15:55
@DailyNation -
Potato project to unlock potential of crop in the Rift

It is possible to more than double the productivity of potatoes by using good agricultural practices that include the growing of certified seed potato. ...

Category: topnews news business

@DailyNation

Stanbic net profit rises 104pc to Sh3.55bn on bad loans drop, higher income

1 weeks ago, 05:40

By: Brian Ngugi

Stanbic Holdings’ after-tax profit more than doubled (104 per cent) to Sh3.55 billion in the half year ended June, boosted by improved performance in its banking business.

Its banking unit, Stanbic Bank, made a net profit of Sh3.48 billion in the period, a statement from the bank said, compared to Sh1.72 billion in the same period last year as lower provisions and higher income bolstered earnings.

Stanbic Bank recorded a 16.24 per cent loan book growth that raised interest income 15.46 per cent to Sh9.1 billion.

Stanbic Bank also benefited from lower loan loss provisions of Sh253.2 million, down from Sh1.8 billion an 86.45 per cent drop in the same period.

Stanbic Bank Kenya and Industrial and Commercial Bank of China (ICBC) have launched a loyalty programme for their customers travelling to China and Kenya.


Read More

Category: business news topnews

Suggested

3 hours ago, 00:08
@StandardMedia - By: James Wanzala
Form mergers, review strategies to be relevant, CS urges trade unions

Cabinet Secretary, Ministry of Labour and Social Protection Ambassador Ukur Yatani has urged trade unions to form partnerships. ...

Category: business news
9 hours ago, 17:50
@TheEastAfrican - By: Business Daily
Regulator suspends troubled ARM Cement from NSE

The company was placed under administration on Friday. ...

Category: topnews news business
9 hours ago, 18:01
@BusinessDaily - By: Edwin Mutai
Probe senators over Ruaraka land bribe claim, says Kajwang

It is alleged that Mr Mburu has submitted an audio recording of the Senators soliciting the bribe money to the DCI for investigations. ...

Category: business lifestyle news
8 hours ago, 19:42
@AfricaNews - By: Africanews
Ghana economy: IMF checks to stay in place after bailout package | Africanews

Ghana committed with the IMF in 2015 to an expanded credit facility program of nearly $1 billion, as a result of overspending and the depreciation of the cedi against the dollar ...

Category: africa africa_business business news
9 hours ago, 17:56
@BusinessDaily -
Court stops owner of Solai dam from leaving the county

Patel Kansagra barred from flying out although another judge had allowed him to do so. ...

Category: business lifestyle news
11 hours ago, 15:55
@DailyNation -
Potato project to unlock potential of crop in the Rift

It is possible to more than double the productivity of potatoes by using good agricultural practices that include the growing of certified seed potato. ...

Category: topnews news business
Our App