Stanbic Bank Profit After Tax Up By 43 Percent

By Lynnet Okumu / Published November 29, 2021 | 11:30 am

KEY POINTS

Stanbic Bank Kenya’s profit after tax for the first nine months ending September grew by 43 percent to 5.1 billion shillings from 3.6 billion shillings last year.

Stanbic Bank Kenya’s profit after tax for the first nine months ending September grew by 43 percent to 5.1 billion shillings from 3.6 billion shillings last year.

According to the Stanbic Bank Kenya Chief Executive Officer, Charles Mudiwa, the growth is attributed to the various intervention put in place that has enabled the bank and its clients to overcome the challenges posed by covid 19.

“Our performance in this third quarter of 2021 is a true reflection of our unwavering support to our customers to help them grow and realize their full potential. We have done this by providing them with bespoke solutions and client experiences,” Mudiwa said.

Customer loans grew by 11 percent to 176.6 billion shillings while the revenue increased by 9 percent to 17.5 billion shillings.

This is largely on account of an increase in earning assets, growth in non-financial income, and lower cost of funds.

“Our costs, excluding loan loss provisions, went up by 15 percent and the total capital ratio stood at 17.5 percent against a minimum statutory ratio of 14.5 percent.” Read part of the statement.

Chief Finance Officer, Stanbic Bank Kenya, Abraham Ongenge, also stated that the bank’s business in South Sudan continued to remain profitable as it maintains intermediate foreign currency flows for its clients and keeps costs under control.

“The bank continues to invest in digital capabilities in South Sudan to allow us to better serve our customers and bring down costs of operating in the country,” Ongenge said.