Stanbic Bank posts Sh3.5bn in HY21 profit

NAIROBI, Kenya, Aug 13-Stanbic Holdings has posted Sh3.5 billion in its half-year earnings compared to the Sh2.6 billion it registered in a similar period last year.  

The group through a statement attributed the 34.6 percent rise in its profit to improved operating income and lower costs.  

The bank’s net interest and non-interest income rose by 9.5 and 10 percent respectively to Sh6.9 billion and Sh5.5 billion.

Its total income also rose by 9.7 percent to Sh12.4 billion compared to Sh11.3 billion it recorded in June 2020.

Commenting on the financial highlights, the Chief Finance Officer of the Bank Abraham Ongenge said the bank’s profit after tax was supported by double-digit revenue growth and improved credit losses.

He added that net interest earnings grew by 9 percent on account of loan book growth and improved margins.

“The interest rates have relatively been muted with the benchmark rate maintained at 7 percent from last year,” he said.

He further noted that on a positive note, the inflation rate has remained within the government target range of between 2.5 percent and 7.5 percent despite an increase in fuel prices.

Stanbic Holdings board directors declared an interim dividend of Sh1.70 per share to its shareholders to be paid latest on September 27, 2021.