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Stanbic Bank has announced a profit of KShs. 3.9 billion after tax for the first quarter of 2023. The bank attributed this impressive 84% increase in earnings to strong revenue growth across all business segments and a solid balance sheet.
In particular, revenue grew by 65% to KShs. 11 billion driven by balance sheet growth, fees income from client services, and trading income from financial intermediation.
The bank’s customer deposits increased by 24% to KShs. 291 billion, indicating continued confidence in the bank’s services, while customer loans rose by 12% to KShs. 230 billion.
Stanbic Bank’s Chief Executive, Mr Joshua Oigara, attributed the bank’s success to its focus on executing its three-year medium-term strategy, which started in 2021.
The bank has been prioritizing the value and sustainable growth of micro, small, and medium-sized businesses across various counties in Kenya, including Uasin Gishu, Nakuru, Kisumu, and Laikipia.
The bank trained over 900 MSMEs on business resilience and digital capabilities, while another 400 MSMEs received training in financial literacy skills. In the first quarter alone, the bank issued loans worth KShs. 10.6 billion to SMEs.
Stanbic Bank’s Chief Financial and Value Officer, Mr Dennis Musau, noted that the bank had seen strong growth momentum in all revenue lines.
He attributed this to the bank’s accelerated efforts in implementing its strategy, driving operational efficiencies, and managing costs. As a result, the bank’s Return on Equity improved to 21.7% from 17.6% reported in the same period last year.
