Earnings UpdateStanbic Posts 34.6% Growth in Half Year Profit to Kes 3.5 Billion

Stanbic Holdings has recorded a 34.6 % rise in earnings through the first six months of the year, posting a profit of Kes.3.5 billion from Kes.2.6 billion recorded last year. The lender attributed the performance to improved operating income and lower costs.

Stanbic Holdings recorded a decline in deposits from other banks and customers to Kes 259.9 Billion in the period ended 31st June 2021 compared to Kes 287 Billion recorded during the same period last year.

Loans to customers fell to Kes 207.6 Million in the six months period compared to Kes 235.1 Billion recorded in 2020. Consequently, total assets in the group declined to Kes 329.5 Billion in the period ended 30th June 2021 compared to Kes 361.5 Billion reported last year, a 9% decline.

Stanbic’s net interest and non-interest income rose by 9.5 % and 10 % respectively to Kes .6.9 billion and Kes.5.5 billion, pushing total income up by 9.7 % to Kes .12.4 billion during the first six months period ended 30th June 2021.

Meanwhile, credit impairment charges that dragged down banks’ profitability in 2020 have fallen by 15 per cent to Kes.1.5 billion from Ksh.2 billion, signifying the normalization of non-performing loans (NPLs).

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 have 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. The lender will pay out dividends to shareholders on 27th September 2021.

Stanbic Holdings occupies the position of the 36th most traded stock at the Nairobi bourse between May 13th and August 13th this year.

Read also; Stanbic Holdings Net Profit Down 19% to Kes 5.2 Billion.

 

 

 

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