Stanbic Bank chief executice Charles Mudiwa during a past event. The company has reported a Ksh6 billion profit for the financial year ended December 31, 2018

Stanbic Holdings Plc has reported a 46 % increase in profit after tax to Ksh6.2 billion for the full year ended December 31, 2018 up from the Ksh4.3 billion it posted the previous year.

The listed financial services company attributes the strong perfomance to growth in its loan and deposit books.

Stanbic Holdings Plc wholly owns Stanbic Bank Kenya Limited, SBG Securities Kenya Limited and Stanbic Insurance Agency Limited.

While announcing the results on Friday, Stanbic Bank chief executive Charles Mudiwa noted that the lender’s total revenue grew 16% from Ksh19 billion to Ksh22 billion.

Customer loans ticked up 12% from Ksh131 billion to Ksh146 billion while customer deposits adjusted up 24% from Ksh155 billion to Ksh192 buillion.

The financial group’s earnings per share stood at Ksh15.88, an improvement from Ksh10.90 posted last year.

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“Despite what still remains a challenging operating environment, the unwavering support of our customers has enabled us to deliver these impressive results” said Mudiwa.

Stanbic Holdings’ brokerage wing was also in the profit making matrix posting a Ksh77 million profit after tax, a 141%  increase.

Conversely, Stanbic Insurance Agency Limited posted  Ksh72 million in profit during the period under review up from the Ksh35 million it posted the previous year.

See also: Housing PS Charles Hinga speaks on his life in the slum

The company’s shareholders will receive Ksh5.80 dividends per share, up from the Ksh5.25 per share paid out last year.

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Samuel Gitonga is a senior reporter at BUSINESS TODAY. Email: [email protected]

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