Stanbic Holdings Plc Thursday reported Ksh 4.8 billion in Profit After Tax (PAT) for the half year ended 30 June 2022.
This was a 37.1% increase compared to HY2021 of Ksh 3.5 billion, attributed to a 22.6% increase in total income.
Stanbic Bank’s Chief Executive, Mr Charles Mudiwa stated that “Our focus has been on supporting our customers and at the same time driving sustainable business growth in a challenging operating environment. 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 and enhance our customer’s banking experience.”
The Group’s customer loans went up by 31% to Ksh 217 billion in the reporting period, signalling its unwavering support to its customers to help them grow and realize their full potential.
Net interest income was up by 21% over the same period last year, driven by growth in the lending book across all the business segments, improved margins and funding cost management.
Strong performance in non-interest revenue resulted from successful closure of key deals in Investment Banking, continuous strategic focus on leveraging digital platforms to innovatively deliver bespoke financial solutions to the different customer segments and improved trading revenue.
Credit quality improved, evidenced by a reduction in the credit loss ratio to 1.1% in H1 2022 from 1.64% in H1 2021.
