Stanbic Bank Three-Month Profit Hits Ksh.2.1 Billion

 

By Kepha Muiruri For Citizen Digital

Stanbic Bank Kenya Limited has posted a 10.5 per cent growth in profit to Ksh.2.1 billion from Ksh.1.9 billion in the first three months of 2022.

The growth in profitability for the lender is largely attributable to higher revenue in the period representing the first quarter of the year.

Stanbic’s total operating income has for instance soared by 13.3 percent to Ksh.6.8 billlion from Ksh.6 billion on the backdrop of a 15.6 per cent growth in net interest income at Ksh.3.7 billion.

At the same time, non-interest funded income has grown by 7.1 per cent to Ksh.3 billion from Ksh.2.8 billion in the same period.

The bank’s non-interest related costs have grown below income at 11.8 per cent to Ksh.3.8 billion from Ksh.3.4 billion.

The slower growth in costs has come as Stanbic Bank cover for bad loans fell by 19.4 per cent from ksh.609.5 million to Ksh.491.3 million.

The fall in provisions has been anchored on a 6.8 per cent drop in gross non-performing loans to Ksh.24.6 billion from Ksh.26.4 billion.

Stanbic Bank net loans and advances grew by 30.8 per cent in the period to Ksh.206.5 billion from Ksh.157.9 billion in the same period in 2021.

At the same time, the lender’s customer’s deposits have improved by 3.8 per cent to Ksh.235.1 billion from Ksh.226.6 billion in March last year.

Stanbic Bank Kenya earnings per share have improved to Ksh.12.37 from Ksh.11.04 subsequent to the profit jump.

By Kepha Muiruri For Citizen Digital