Stanbic Holdings Dividends up 21.8% After Record Net Profit in 2023

Stanbic Holdings has declared an impressive dividend payout, up 21.8% after record net profit in 2023 full year results.

Shareholders will be paid Ksh.6.07 billion, backed by 34.2 percent growth in net profit for the fiscal year ending December 2023.

The bank has proposed a final dividend of Ksh. 14.20 per ordinary share, amounting to Ksh. 5.61 billion.

“Subject to shareholders’ approval, the final dividend will be payable to the members of the company registered on the share register of the company on the closure date, 17 May 2024,” Stanbic Bank stated.

This is complemented by an interim dividend of Ksh.1.15 per share, totaling Ksh.454.6 million, which was disbursed in September of the previous year.

Also Read: Stanbic secures Ksh.1 billion loan for SME financing targeting women

The bank’s net earnings expanded to Ksh.12.16 billion from Ksh.9.06 billion reported the previous year.

The growth has been fuelled by a surge in interest income and non-funded income.

Further Stanbic’s, net interest income grew from Ksh.18.9 billion to Ksh.25.6 billion, accompanied by an expansion in loans and advances to customers, reaching Ksh.356.2 billion by the end of December.

Non-interest income, primarily derived from fees and commissions, grew from Ksh.13.14 billion to Ksh.15.67 billion.

The operating surged to billion to Ksh. 17.99 billion from the previous Ksh.14.97.

Banking industry last year witnessed a sharp decline of 7.3 percent in pre-tax profits, dropping from Ksh. 244.1 billion to Ksh. 226.3 billion, contrasting with the previous year’s 25.3 percent increase.

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Collins Ogutu

Nairobi based Digital Journalist, Corporate Communication Expert and Digital Marketer with a wealth of experience in multimedia. Accredited member of the Media Council of Kenya.

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