Stanbic Holdings Plc has reported a robust financial performance for the first half of 2023, posting a profit after tax of KES 7.1 billion. This impressive result can be attributed to the strong growth in both revenue and the balance sheet. The total revenue for the period surged by 38% to reach KES 21 billion, showcasing the company’s resilience and effective strategies.
Dr. Joshua Oigara, the Chief Executive of Stanbic Kenya and South Sudan, emphasized the significance of focused execution in achieving these remarkable results despite the challenging global and local economic conditions. He acknowledged that the prevailing market and geopolitical dynamics, which exerted monetary and fiscal pressures, were successfully navigated through leveraging the company’s core capabilities and market segments.
In the face of these challenges, Stanbic’s commitment to superior value delivery to clients, shareholders, and partners remained unwavering. A dividend of KES 1.15 per share was declared, underscoring the company’s dedication to rewarding its shareholders.
The Group’s diverse portfolio, encompassing corporate & investment banking, business, commercial, and retail banking financial solutions, remained a strategic focal point. Particularly, the focus was directed towards key sectors including trade, consumer, power infrastructure, and SMEs in both Kenya and South Sudan.
Customer deposits experienced a notable 10% increase, reaching KES 259 billion, reflecting the bank’s commitment to facilitating economic growth and development. Concurrently, loans and advances extended to customers grew by 12% to KES 244 billion, a testament to Stanbic’s support of businesses and economic activities.
Mr. Dennis Musau, Stanbic’s Chief Financial and Value Officer, credited the company’s strategy and key growth drivers for successfully navigating the challenging operational environment. Musau highlighted the client-centric approach that had significantly contributed to strong growth across various revenue lines and balance sheet drivers.
Musau also underscored the importance of operational efficiency and market focus in ensuring the profitability of Stanbic’s banking business in South Sudan. The bank’s role in facilitating payments and foreign currency flows for clients proved pivotal.
Stanbic’s commitment to diversity and inclusion, particularly with a focus on women, remained unwavering. The Dare to Aspire Dare to Achieve (DADA) platform, designed to empower women, received a KES 20 billion commitment. Since its launch, the platform has attracted an impressive number of participants, with loans totaling KES 8.4 billion disbursed in the first half of 2023.
In line with its growth-oriented purpose, Stanbic disbursed loans totaling KES 22 billion to support SMEs and USD 100 million for green projects. The company’s efforts extended beyond financial support, encompassing training and coaching for over 900 MSMEs, covering areas such as business resilience, growth strategies, financial management, and digital marketing. Furthermore, the Stanbic Foundation’s initiatives extended to free cancer screenings, benefiting over 2,000 individuals.