This archive report was first published on 8 August 2019.
On August 8, 2019, Stanbic Holdings PLC reported a 14% increase in its half-year earnings to Ksh.4.1 billion for the period ending June 30, 2019.
The growth in earnings is attributed to increased lending and improved efficiencies.
Stanbic's loan and advances to customers grew to Ksh.161.9 billion from Ksh.136.5 billion in the preceding half-year, while customer deposits retained a similar growth trajectory to hit Ksh.201.6 billion.
The bank's improved risk profiling has boosted its lending strategy, with Stanbic onboarding no further credit risks as the share of non-performing loans slid to eight percent against a 12.5 percent industry average.
Stanbic Holdings Chief Financial Officer Abraham Ongenge attributed the enhanced efficiency to improved risk profiling and new data on client behavior.
The bank's income from interests surged by 20 percent to Ksh.6.7 billion, while non-interest funded income jumped to Ksh.6.1 billion from Ksh.5.6 billion in H1 2018.
Despite a tentative operating environment, Stanbic Bank Kenya Chief Executive Officer Charles Mudiwa stated that the bank had managed to navigate the complex environment by adhering to its strategy of income diversity and resilience.
