Stanbic Bank has announced a KShs. 3.9 Billion net profit for the first quarter ended 31st March 2023.
The rise in profitability was driven by a 65% rise in revenue to KShs 11 billion underpinned by balance sheet growth, fees income from client services and trading income from financial intermediation. In particular, Stanbic Bank (in conjunction with SBG Securities Ltd) successfully completed a significant transaction that resulted in the execution of the largest trade in the history of the Nairobi Securities Exchange (NSE).
Customer deposits increased by 24% to stand at KShs. 291 billion signifying the customer’s continued confidence in the Bank while customer loans rose by 12% to close at KShs. 230 billion at 31 March 2023.
Stanbic Bank Kenya and South Sudan’s Chief Executive, Mr. Joshua Oigara said, “During the quarter, the Bank remained focused on executing its three year medium-term strategy that started in 2021. The outcomes demonstrate our ability to create shared value and sustainable returns for shareholders and multiple stakeholders”.
The Bank continued to prioritize the value and sustainable growth of Micro, Small, and Medium-sized businesses across various counties including Uasin Gishu, Nakuru, Kisumu and Laikipia. By the end of March 2023, the Bank trained over 900 MSMEs on business resilience and digital capabilities, while another 400 MSMEs received training in honing their financial literacy skills. The Bank also issued loans worth KShs 10.6 billion to SMEs in the first quarter.
Stanbic Bank was recognized for its Dare to Aspire Dare to Achieve (D.A.D.A) women proposition and the lender’s participation in the Sourcing2Equal Kenya (S2E) initiative. This recognition came during the annual DIAR Awards that recognizes organizations, institutions, and individuals who have excelled in mainstreaming and championing diversity and inclusivity. Stanbic Bank won the Best Impact Investing Initiative category for its D.A.D.A platform.