Stanbic Bank Kenya reported a Profit After Tax (PAT) of KES 4 billion for the first quarter of 2024, reflecting a 2.8% increase from the same period in 2023.
While overall profitability remained steady, the bank’s net interest income (NII) rose significantly by 19.6%, driven by higher interest earned from loans and advances, as well as deposits with banking institutions.
However, it witnessed a 34% decline in Non-funded income (NFI) primarily due to a sharp drop in Foreign Exchange (FX) trading income and a slight dip in loan-related fees and commissions.
”In the first quarter of 2024, we continued to enhance our operational efficiency, manage risk and support our clients.” – Dennis Musau, Chief Financial and Value Officer, Stanbic Bank Kenya.#StanbicFinancials pic.twitter.com/8T00SI0Cv6
— Stanbic Bank Kenya (@StanbicKE) May 13, 2024
On the other hand, the lender witnessed a significant 25.5% growth in total assets, reaching KES 491.5 billion. This expansion was driven by increases in loans and advances, deposits, and balances held with foreign banking institutions.
Customer deposits also grew by a healthy 22.2%, reaching KES 355.5 billion.
During the quarter, it improved on efficiency reporting a decrease in operating expenses (OPEX) and an improvement in its Cost to Income Ratio (CIR).
Loans and advances grew by 11.1% year-on-year, reaching KES 255.8 billion. However, the loan-to-deposit ratio (LDR) declined.
”Backed by client centric solutions and our commitment to shared value, we continue to focus on delivering returns for our shareholders and supporting our clients and communities innovatively and sustainably.” -Dr. Joshua Oigara, Chief Executive, Kenya and South Sudan. pic.twitter.com/mEQalmkIl3
— Stanbic Bank Kenya (@StanbicKE) May 13, 2024
