Stanbic Bank Kenya has unveiled its financial performance for Q1 2023, showing impressive gains in profit by 84.3 percent to KES 3.89 billion. The bank’s operating income surged by 64.7 percent to KES 11.15 billion, with non-interest-funded income soaring to KES 5.74 billion. The significant increase was mainly fueled by a surge in forex trading income, which soared by 1.48 times to KES 4.26 billion.
Stanbic Bank Kenya’s net interest income also experienced substantial growth of 44.9 percent to KES 5.42 billion. This was largely influenced by an 11.7 percent growth in the loan book to KES 230.7 billion and a 23.8 percent increase in customer deposits to KES 291 billion. Nonetheless, the bank recorded a spike in non-interest expenses, driven by a rise in provisions for bad loans by 132 percent to KES 1.14 billion, attributable to an increase in gross non-performing loans and advances to KES 29.29 billion in Q1 2023.
Joshua Oigara, CEO of Stanbic Bank Kenya, highlighted that the bank has been steadfast in executing its three-year medium-term strategy since 2021. Oigara also emphasized that the bank’s momentum for growth across all revenue streams going into the half-year period remains strong. The bank’s capability to create shared value and sustainable returns for shareholders and multiple stakeholders was also stressed.