Stanbic Bank Kenya posts 41% jump in H1 EPS
Stanbic Bank Kenya, the largest subsidiary of Stanbic Holdings Plc, posted a more than 41 per cent jump in earnings per share to record 12.13 Kenyan shillings in the first half of 2022. Charles Mudiwa, CEO of Stanbic Bank Kenya spoke to CNBC Africa’s Julius Bizimungu for more.
Thu, 18 Aug 2022 10:25:05 GMT
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AI Generated Summary
- Stanbic Bank Kenya reports over 41% increase in earnings per share in H1 2022 driven by loan book growth and improved margins
- Rising inflation impacts consumer sectors and loan repayments; bank focuses on supporting resilient sectors like oil and gas, pharmaceuticals, and telecommunications
- Bank strategically manages deposit base, sector risks, and cash position to ensure financial stability and future growth
Stanbic Bank Kenya, the largest subsidiary of Stanbic Holdings PLC, has reported an impressive more than 41% jump in earnings per share in the first half of 2022. The bank's CEO, Charles Mudiwa, attributes this growth to several key factors, including the increase in the size of their loan book, growth in non-interest income, and improved margins. Mudiwa acknowledges the impact of the changing economic landscape, with rising inflation affecting consumer sectors and putting pressure on loan repayments. Despite these challenges, the bank remains focused on supporting sectors showing resilience and growth, such as oil and gas, pharmaceuticals, and telecommunications. Stanbic Bank Kenya has also made strategic decisions to optimize their deposit base and manage risks sector by sector to ensure financial stability. The bank's cash position remains strong, providing a solid foundation for future growth and capital management. While cautious about setting targets amidst ongoing uncertainties, Stanbic Bank Kenya is optimistic about the potential for economic stabilization and growth, particularly in markets like South Sudan. Despite facing various challenges, the bank's prudent approach to financial management and strategic focus on supporting key sectors position it well for continued success in an evolving market.
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