Stanbic Holdings has registered a Ksh.7.2 billion profit for the year ended December 31, 2021.
This represents a 39 percent increase from last year’s performance and is attributable to solid business momentum and various interventions that enabled the Group and its customers to weather the economic challenges occasioned by the COVID-19 pandemic.
The Company also announced a Ksh.2.9 billion final dividend bringing the total dividend for the year to Ksh.3.6 billion.
The lender last paid Ksh.0.7 billion interim dividends in August 2021.
Once approved at the Annual General Meeting (AGM), the total dividend pay out will represent 50 percent of the Company’s profit for the year and a 137 percent increase from last year’s amount.
“Our focus has been on supporting our customers to navigate the pandemic and drive sustainable business growth. We are glad to have achieved this objective courtesy of our dedicated team and strong partnerships with our customers. Our future-ready digital transformation journey continues to simplify our customers’ banking experience in a way that empowers and gives them more control,” said Stanbic’s Chief Executive, Charles Mudiwa.
The Group’s customer loans went up by 17 percent to Ksh.185 billion in the period under review, signaling its unwavering support to its customers to help them grow and realize their full potential.
Customer deposits also grew by 11 percent to Ksh.242 billion while credit quality improved evidenced by a reduction in the credit loss ratio to 1.4 percent in 2021 from 3.01 percent in 2020.
Stanbic has recently initiated several partnership agreements centered around socio-economic development in the country.
On March 2, the lender signed an importing financing partnership with MHH International Limited and World Navi Company.
The deal will see the lender’s customers who are interested in imported vehicles get up to 80 percent financing for a period of up to four years.
“By partnering with MHH International and World Navi, Stanbic Bank hopes to make it easier for our clients to access quality vehicles from overseas markets. This will enable them to access a wider pool of vehicles to ensure that the vehicle they settle on fully meets their specifications. We want our clients to get the exact vehicle they desire and would like to offer them a painless and seamless experience during the acquisition journey” said Head of High Net Worth and Affluent Clients at Stanbic Bank Aliya Khanbai.
The financing partnership will enable clients to access quality vehicles with friendly repayments terms from the bank and help customers avoid the elimination of markups by middlemen as the institution has been offering tailored vehicles and asset financing solutions.
