Stanbic Holdings HY profit up by 105pc to Sh3.6b
3 months ago, 10 Aug 16:44
NAIROBI August 10, 2018 – Stanbic Holdings has posted a profit of Sh3.6 billion half-year profit for the period ended June 30th 2018, a 105 percent increase from the Sh1.7 billion it posted in 2017.
The Group, which consists of Stanbic Bank Kenya Ltd, SBG Securities and Stanbic Insurance Agency Ltd delivered revenues of Sh11.2 billion, compared to Sh9.2 billion the previous year.
This is attributed to enhanced contribution from non-interest income which grew by 34 percent accounting for a half of the total revenues, according to Stanbic Bank Kenya’s Chief Executive, Charles Mudiwa.
He noted that the impressive performance was the result of unwavering focus on fulfiling needs of customers, leveraging digital technology to enhance their experiences.
“Digitisation is key for our future. Technology continues to present an opportunity to improve our customers’ experiences and ensure that our services are consistently available, anytime, anywhere,” Mudiwa added.
Stanbic Bank Kenya’s customer deposits grew by 21 per cent to stand at Sh164.9 billion.
Net interest income for the period increased to Sh5.6 billion, from the Sh4.9 billion the previous year, driven by growth in loans and advances, whose value stood at Sh136.5 billion, compared to Sh117.9 billion the previous year.
Category: business finance