Stanbic Bank has announced a Sh10.1 billion profit after tax for the nine-month period ended September 30, 2024.
The bank, which operates in Kenya and South Sudan, attributed the nine per cent year on year growth in profitability to improved net interest income driven by 12 per cent balance sheet growth to Sh463 billion.
Stanbic Bank Kenya and South Sudan chief executiveJoshua Oigara said the lender’s new three-year strategy is a strong anchor amidst a challenging operating environment.
“We are navigating a challenging macroeconomic environment characterised by slower economic growth in the second half of 2024 amid easing inflation,” he said.
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“These complexities have undoubtedly posed significant pressures on the financial sector, from deceleration in credit to the private sector to constrained consumer spending.
“However, our bank demonstrated remarkable resilience in the first nine months of the year by registering growth both in our Kenya and South Sudan operations.”
Net interest income grew by five per cent to Sh18.9 billion on the back of growth in the average lending book and higher assets yield.
Non-interest income reduced by 18 per cent on account of significant non-repeated transactions in the 2023 base as well as contraction of trading margins, alleviated by increased client activity.
During the period, the bank’s operating costs decreased by five per cent which it attributed to harnessing previous investments aimed at improving client experience and foreign exchange gains from the appreciation of the Kenya Shilling.
Chief financial and value officer Dennis Musau said the bank’s investments in people, technology and tailored product offerings have yielded operational efficiency and focus on the customer.
“Our results reflect the bank’s balanced approach to navigating a dynamic operating environment,” he said.
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Stanbic Bank has announced a Sh10.1 billion profit after tax for the nine-month period ended September 30, 2024.
The bank, which operates in Kenya and South Sudan, attributed the nine per cent year on year growth in profitability to improved net interest income driven by 12 per cent balance sheet growth to Sh463 billion.
Stanbic Bank Kenya and South Sudan chief executiveJoshua Oigara said the lender’s new three-year strategy is a strong anchor amidst a challenging operating environment.
“We are navigating a challenging macroeconomic environment characterised by slower economic growth in the second half of 2024 amid easing inflation,” he said.
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on WhatsApp
“These complexities have undoubtedly posed significant pressures on the financial sector, from deceleration in credit to the private sector to constrained consumer spending.
“However, our bank demonstrated remarkable resilience in the first nine months of the year by registering growth both in our Kenya and South Sudan operations.”
Net interest income grew by five per cent to Sh18.9 billion on the back of growth in the average lending book and higher assets yield.
Non-interest income reduced by 18 per cent on account of significant non-repeated transactions in the 2023 base as well as contraction of trading margins, alleviated by increased client activity.
During the period, the bank’s operating costs decreased by five per cent which it attributed to harnessing previous investments aimed at improving client experience and foreign exchange gains from the appreciation of the Kenya Shilling.
Chief financial and value officer Dennis Musau said the bank’s investments in people, technology and tailored product offerings have yielded operational efficiency and focus on the customer.
“Our results reflect the bank’s balanced approach to navigating a dynamic operating environment,” he said.
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By Esther Dianah