Corporate NewsStanbic Holdings Appoint Joseph Muganda as Non-Executive Director

Stanbic Holdings Plc has announced the appointment of Mr Joseph Muganda as an Independent Non-Executive Director on the Board effective Tuesday 12th October 2021.

“Mr Muganda’s addition to our Board will enrich its diversity and his skills will align with our digital transformation strategy.” Stanbic said in a statement.

Mr Joseph Muganda holds an MBA from Leicester University and a Bachelor of Science (Economics, Accounting and Financial Management) from the University of Buckingham (UK).

Previously, Joseph Muganda served as the Managing Director at Vivo Energy Kenya where he served for more than one and a half years before resigning in 2019 after leading the Group’s implementation of a new Enterprise Resource Planning system. Prior to that, Joseph Muganda worked as the Managing Director of Kenya Breweries Limited and has held senior positions at British America Tobacco, Unilever and Barclays Bank and  Nation Media Group.

Recently, Stanbic Holdings has been seen to make changes in the board as they appointed Ms Wambui Kihuha-Mbesa as an Independent Non-Executive Director on the Board, with effect from 8th September 2021.

Stanbic Holdings Financial Performance

The listed company posted a net profit of Kes 5.2 billion for the year that ended on December 31, 2020, a 19% decline from Kes 6.4 billion recorded during a similar period in 2019.

The firm’s total income, comprised of interest and non-interest income, decreased by Kes1.5 billion at the end of 2020, to Kes 23.2 billion from Kes 24.8 billion in the same period in 2019.

Even with the decline in the lender’s net profit, Stanbic’s directors’ compensation went up to Kes 58.7 million from Kes 51.5 million a year earlier, a 14% increase.

The Nairobi securities exchange-listed company recorded a 17% rise in profit before tax to Kes 4.8 Billion during the period ended 30th June 2021 compared to Kes 4.1 Billion recorded in 2020. The bank’s profitability as measured by its Earnings per Share(EPS) increased to Kes 8.86 in Q2, 2021 compared to Kes 6.46 in Q2, 2020.

Directors of Stanbic Holdings declared an interim dividend of Kes 1.70 per share to shareholders who will be on the register after book closure on September 6th, 2021.

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