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Stanbic Bank posts KES 9.1 billion in net profit for full year 22′

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By Monica MUEMA

Stanbic Holdings Plc has returned a net profit of KES 9.1 billion for its financial year ending 31 December 2022.

The listed financial services provider and a member of Standard Bank attributed the 26 percent after-tax profit growth to strong revenue and balance sheet growth.

Stanbic Kenya and South Sudan’s Chief Executive, Mr. Joshua Oigara said the firm’s strategic plan formulated and adopted three years ago continues to facilitate growth and organizational resilience.

He noted that the strategic plan founded on digital innovations for service delivery, enhanced consumer experience, and increased operating efficiencies had translated to accelerated balance sheet growth.

“Despite the uncertain and challenging operating environment last year, the business delivered strong results, thanks to focused execution across our strategic plan.

The plan is anchored on catalytic growth pillars such as customer service excellence and technology integration to boost operating efficiencies. We can see the payoff whilst providing a good Launchpad for the next three-year strategy to be unveiled later this year,” Oigara said.

The lender posted a 28% revenue growth to close at KES 32 billion in the period under review. Customer deposits increased by 12% to stand at KES 272 billion, while loan advances to customers were up 27% to close at KES 236 billion, highlighting the Bank’s commitment to supporting economic growth and development.

Shareholders at the Nairobi Securities Exchange (NSE) listed firm will, subject to approval at the next Annual General Meeting, enjoy KES 4.98 billion in dividends, being 55% of the 2022 profit after tax and representing a 40% increase in total dividend payment from previous year’s KES 3.56 billion.

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