Stanbic Bank Q1 profit up 84% to Sh3.9 billion
- Stanbic Bank’s growth trajectory continues an upward trend.
- Strong growth recorded across all of Stanbic Bank’s revenue streams
Stanbic Bank has posted a Sh3.9 billion net profit in the first quarter of 2023, as revenue inflows across its business segment recorded robust activity.
Stanbic’s after-tax profit rose 84 percent in the three-months to March 31st compared to a similar period last year.
Revenue grew by 65 percent to Sh11 billion after its balance sheet grew as well as fees from clients and trading income from financial intermediation.
“During the quarter, the Bank remained focused on executing its three year medium-term strategy that started in 2021,” Stanbic Bank Kenya and South Sudan Chief Executive Joshua Oigara said.
“The outcomes demonstrate our ability to create shared value and sustainable returns for shareholders and multiple stakeholders,” Oigara added.
Customer deposits increased by 24 percent to Sh291 billion while loans issued rising by 12 percent to Sh230 billion.
The Bank’s Chief Financial and Value Officer Dennis Musau said that the Bank noted strong growth momentum in all revenue lines.
“Our accelerated efforts in implementing our strategy, driving operational efficiencies, and managing costs have seen us progressively manage our cost to income ratio downwards to stand at 40.5% compared to 49.6% in prior period,” Musau said.
“As a result, Return on equity in the period under review improved to 21.7% from 17.6% reported in the same period last year.”
