Stanbic Holdings Plc has announced a sh 7.1 million profit after tax for the half-year period ended June 2023.
Speaking during the launch of the Half-year financial results, Stanbic Kenya and South Sudan’s Chief Executive, Dr Joshua Oigara stated that focused execution of the Group’s strategy was critical to delivering strong results despite a challenging operating business environment.
“Our business delivered strong results despite challenging market and geopolitical dynamics all of which caused monetary and fiscal pressure. We seized opportunities and navigated macro and micro challenges, sustaining growth in our Kenya and South Sudan businesses.”
Dr. Oigara vowed to intensify its portfolio in key sectors including trade, consumer, power infrastructure and SMEs in Kenya and South Sudan.
Total revenue increased by 38% to sh 21 billion while return on equity rose by 472bps.
Customer deposits increased by 10% to stand at KES 259 billion, while loans and advances to customers grew by 12% to close at ksh 244 billion.
Mr Dennis Musau, Stanbic’s Chief Financial and Value Officer, stated that the Group’s strategy assisted in navigating the challenging operating environment.
“In the period under review, we had strong momentum in our fundamentals, helping us deliver client and shareholder value. Our client-centric approach continues to bear fruit enabling us to deliver strong growth in all revenue lines and key balance sheet drivers,’’ said Musau.
“Supported by high operational efficiency and market focus, Stanbic’s banking business in South Sudan remained profitable as we continued to facilitate payments and intermediate foreign currency flows for our clients,’’ Musau added.
Stanbic has been praised for its many initiatives.
Through the Dare to Aspire Dare to Achieve (DADA) platform, the Bank has committed KES 20 billion to finance women.
Since its launch 3 years ago, the platform has attracted more than 63,000 new ‘Dadas’ and disbursed loans amounting to KES 8.4b in the first half of 2023.
