Stanbic Full Year Net Profit Jumps 45.7% to Sh 6.2B
Stanbic Holdings net profit for the financial year 2018 is KSh6.277 billion, a 45.7 per cent rise from KSh4.309 billion earned in 2017.
The bank’s balance sheet shows a 22.1 per cent rise in the of loans to its customers and other banks to KSh 174.985 billion in 2018 from KSh143.279 billion recorded in 2017.
Stanbic Holdings registered a drop in amount of losses due to impaired loans. Its impaired loan losses for the year ended 2018 were Ksh2.064 billion compared to Ksh2.76 billion impaired loan losses recorded in 2017.
The decline in impaired loan losses and growth in amount of loans to peers and bank customers saw the bank’s revenue increase by 15.9 per cent to Ksh22.094 billion.
Stanbic Holdings total assets for the period under review jumped up 16.1 per cent to reach KSh290.57 billion mainly supported by growth of the loan book and cash deposited with the Central Bank.
The bank increased its payout to directors by Ksh3.5 million to reach KSh44.75 million from Ksh41.24 million paid the previous year.
The company’s board of directors proposed a final dividend payment of Ksh3.55 per share. If approved, Stanbic’s total dividend for the financial year 2018 will be KSh5.80 per share; an increase from KSh5.25 paid in 2017.