Stanbic Holdings 2021 pretax profit rose 57 per cent to Ksh 9.76 billion from a year earlier attributed to improved interest income and a drop in impairment charges from Ksh 12.80 billion in 2020 to Ksh 14.37 billion.
Its net profit for the year was up 39 per cent to Ksh 7.20 Billion.
The Group’s customer loans went up by 17 per cent to KShs 185billion in the reporting period, signalling its unwavering support to its customers to help them grow and realize their full potential.
Customer deposits also grew by 11 per cent to KShs 242billion demonstrating the trust customers have in the institution. Credit quality improved evidenced by a reduction in the credit loss ratio to 1.4 per cent in 2021 from 3.01 per cent in 2020.
“We are glad to have achieved this objective courtesy of our dedicated team and strong partnerships with our customers. Our future-ready digital transformation journey continues to simplify our customers’ banking experience in a way that empowers and gives them more control,” Stanbic’s Chief Executive Charles Mudiwa said on Thursday.
The lender declared a dividend of Ksh 9.00 per share from Ksh 3.80 in 2020.
“Subject to Shareholders’ approval, the final dividend will be payable to the members of the Company registered on the share register of the Company (the ‘’Share Register’’) on the closure date, 20 May 2022. ” The board said in a notice to shareholders.
If approved at the annual general meeting, the total dividend payout will represent 50 per cent of the Company’s profit for the year and a 137 per cent increase from the year 2021.