Stanbic Bank has reported a 57 percent jump in profit before tax to Ksh9.76 billion on an annual basis. Net profit for the year was up 39 percent to Ksh7.20 billion.
The growth was attributed to a drop in impairment charges and rising interest income which was up marginally from Ksh12.80 billion in 2020 to Ksh14.37 billion.
Total loans and advances rose to Ksh229.32 billion as compared to Ksh196.3 billion registered in 2020.
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Total Customer base grew by 20 percent year on year while active customers grew by 31 percent year on year. Primary customers grew by 35 percent year-on-year even as the lender moved into the digital lending space, adoption of cloud and APIs.
Total revenue was up eight percent while Return on Equity grew by 29 percent.
The Directors for Stanbic Bank have recommended a final dividend of Ksh7.30 having paid an interim dividend of Ksh 1.70 for each ordinary share of Ksh5 on the issued and paid-up share capital of the Company.
If approved the full dividend per share for the year ended December 31, 2021 will be Ksh9 for each ordinary share of Kshs 5.
The final dividend will hit Ksh2.9 billion, bringing the total dividend for the year to Ksh3.6 billion, considering it paid Ksh0.7 billion in interim paid in August 2021.
Once approved at the annual general meeting, the total dividend payout will represent 50% of the Company’s profit for the year and a 137 percent increase from last year’s amount.
