Sunday, May 26, 2024

Stanbic Bank announces Sh. 3.9 billion net profit in Q1

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The Stanbic Bank has announced a marginal profit growth of 2.8 per cent in the first quarter of 2024. The bank has become the first mainstream lender to release the financial results for the first three months of the current year.

In the financial results released for the period, Stanbic said that it recorded a net profit of Sh. 3.9 billion. This net profit in Q1  was a slight increase from the Sh. 3.8 billion net profit that the bank recorded in the same period the previous year.

During the period under review, the bank’s total operating income decreased by 8.2 per cent to Sh. 10.2 billion from Sh. 11.1 billion in the same period the previous year.

The bank’s assets increased by 25.5 per cent to Sh. 491.5 billion while customer deposits grew by 22.2 per cent to Sh. 355.5 billion.

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Net interest income grew by 18.5 per cent to Sh. 6.4 billion from the previously recorded Sh. 5.4 billion. Interest from loans and advances increased by Sh. 3.2 billion from Sh. 6 billion to Sh. 9.2 billion.

Shareholders’ funds increased by Sh. 10.4 per cent to Sh. 61.89 billion while revenue dipped by 8 per cent to Sh. 10.27 billion. At the same time in the first three months of the year, Stanbic maintained its loan loss provisioning costs at Sh. 1.1 billion same as in the previous three-month period of the 2023 financial year.

The lender’s gross non-performing loans fell by 17.2 per cent to Sh. 24.2 billion from Sh. 29.2 billion a year ago.

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