The Stanbic Bank Kenya has announced a marginal 2.3 per cent profit increase to Sh. 7.21 billion for the first six months of 2024.
During the period under review, customer deposits increased by 39 per cent to Sh. 320 billion. Net interest income increased by 4.2 per cent to Sh. 12.6 billion while total revenue dipped by 4 per cent to Sh. 20.1 billion.
Total assets increased by 29.6 per cent to Sh. 497.9 billion while earnings per share was 2.3 per cent up to 18.25. During the period under review, the bank’s customer base increased by 18 per cent to 284,555 from 241,512.
Total equity went up by 8.5 per cent to Sh. 69.4 billion. Non-interest income went down by 15.1 per cent to Sh. 7.6 billion while total operating expenses dipped by 10.1 per cent to Sh. 10.1 billion.
“The appreciation of the Kenya Shilling against the US dollar provided some stability, yet severe floods from March to May and subsequent civil protests posed significant challenges. Nonetheless, our strategic focus and execution have helped us deliver positive results in both Kenya and South Sudan,” said Joshua Oigara, the chief executive officer at Stanbic Bank Kenya and South Sudan.
“We continued to support our customers in navigating a complex operating landscape while prudently managing risk.”
Following the half year performance, Stanbic announced an interim dividend of Sh. 1.84 with a book closure date of September 2, 2024. In the same period the previous financial year, the lender had paid out an interim dividend of Sh. 1.15 per share.
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The payment of this half’s interim dividend will be subject to withholding tax and shall be paid on or about September 27, 2024.
