Chief Executive, Stanbic Bank Kenya, Mr Charles Mudiwa
Chief Executive, Stanbic Bank Kenya, Mr. Charles Mudiwa. [Photo/ Courtesy]

Stanbic Bank Kenya has registered a Ksh5.1 billion profit after tax for the third quarter of the year 2021, marking a significant increase of 43 percent from Ksh3.6 billion last year.

Speaking to the bank’s performance, Chief Executive, Stanbic Bank Kenya, Mr Charles Mudiwa said, “Our performance in this third quarter of 2021 is a true reflection of our unwavering support to our customers to help them grow and realize their full potential. We have done this by providing them with bespoke solutions and client experiences. This speaks to our It Can Be brand positioning strategy which we launched last year with the purpose of empowering our customers and putting their dreams and aspirations at the forefront.”

Stanbic’s customer loans grew by 11 percent to 176.6 billion while revenue increased by 9 percent to Ksh17.5 billion on account of an increase in earning assets, growth in non-financial income and lower cost of funds.

The bank recorded a Return on Equity of 16 percent from 12 percent while credit loss ratio went down to 1.41 percent from 2.90 percent recorded in the same period last year.

Costs, excluding loan loss provisions, went up by 15 percent and the total capital ratio stood at 17.5 percent against a minimum statutory ratio of 14.5percent.

Stanbic Holdings Plc, the parent company of Stanbic Bank Kenya, declared an interim dividend of 1.70 per share in August 2021.

The Bank continues to champion women entrepreneurs through the DADA proposition which supports women in their financial and non-financial endeavors. This year, the bank celebrated the second DADA anniversary having signed up over 27,000 women and have further trained over 7,526 women and business owners on business best practices.

The bank has also partnered with Microsoft Kenya and the Ministry of Trade and Industrialization through the Foundation to support Micro, Small, and Medium Enterprises (MSMEs) by building their capacity and equipping them with digital skills as part of the FutureNiDigital campaign. So far, over 21,000 SMEs and individuals have benefited from the programs and are able to position their businesses better in a digital world.

The Foundation has also partnered with the United States African Development Foundation (USADF) to provide Ksh33 million grant funding to MSMEs, cooperatives, and producer groups in Kenya to help them grow their businesses. In addition, the bank and the Foundation partnered with GIZ and UNDP to support SMEs and enhance Job creation and Enterprise development in the country.

Through the Stanbic Foundation, the bank has partnered with the Government and signed Memorandum of Understanding with 5 counties to collaborate and support E*******n, Health and Enterprise development. The Bank has also partnered with SEND A COW to build resilience among Smallholder Kenyan Farmers.

Stanbic has received recognition on significant fronts including the Best Trade Finance Bank in Kenya at the GTR Leaders in Trade Country Awards 2021 for their support in trade and investment flows between Kenya and key global markets including China, through the provision of innovative trade finance solutions and cross-border payments and investment solutions.

The bank was also recognized as Kenya’s Best Investment Bank by the Euromoney Awards for Excellence 2021 for their outstanding expertise in structuring and implementing complex transactions in the region including debt arranging, loan syndications, capital markets, and advisory service. Another key recognition was the award in the Regional Category of the Integrated Reporting Awards 2021 organized by the Chartered Governance Institute of Southern Africa (CGISA).

Mr Mudiwa further added that, “We are looking forward to a stronger 2022 and more sustained recovery. We remain committed to protecting Shareholder wealth and putting our customers first, continuously innovating to offer relevant solutions to meet their needs.”

Read: Stanbic Bank, Inchcape Ink Deal To Offer 100PC Financing For Luxurious Cars

>>> Seven MSMEs Receive Ksh33 Million In Grants From Stanbic Bank

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