June 14, 2024

Stanbic Bank Records 3.9 Billion Net Profit in Q1 2024

Stanbic Bank Records 3.9 Billion Net Profit in Q1 2024

Stanbic Bank Kenya has reported a net profit of Ksh 3.9 billion in Q1 2024, representing a 2.8% increase from the same period last year. This follows stanbic bank’s customer deposits displaying a positive trend, growing by 22.18% to Ksh 355.54 billion in Q1 2024 compared to Ksh 291.01 billion in the first quarter of 2023.

Stanbic bank also saw a significant rise in customer loans. The loan book grew by an impressive 11.08% to reach Ksh 255.78 billion in Q1 2024 compared to Ksh 230.27 billion in the previous year.

Furthermore, Stanbic’s total assets experienced a substantial increase of 25.51%, reaching Ksh 491.50 billion in Q1 2024.

Another key factor contributing to Stanbic’s success is its focus on cost management. The bank achieved an impressive 18.9% reduction in operating expenses, bringing them down to Ksh 3.66 billion in Q1 2024 compared to Ksh 4.51 billion in the same period last year.

This reduction in expenses helped improve the bank’s cost-to-income ratio, which fell to 35.67% from 40.48% in Q1 2023. A lower cost-to-income ratio signifies better profitability as the bank is able to generate more income for every shilling spent on operations.

However, Stanbic’s performance also reveals a few areas that require attention. Notably, non-interest income, which includes income from fees and commissions, declined by 33.98% to Ksh 3.79 billion in Q1 2024 compared to Ksh 5.74 billion in the previous year.

Additionally, although net profit increased slightly, Stanbic’s total operating income, which represents revenue from both interest and non-interest sources, decreased by 8% to Ksh 10.27 billion in Q1 2024 from Ksh 11.15 billion in Q1 2023.

Stanbic Bank Kenya offers a comprehensive suite of financial products and services catering to both individuals and businesses. Their extensive portfolio encompasses transactional banking, savings and borrowing solutions, investment management, life insurance, risk management, and advisory services.

For personal banking needs, Stanbic Bank provides current, savings, and domiciliary accounts. Loan options include unsecured personal loans, home loans, salary loans, and even quick cash advances. These loans come with competitive interest rates and flexible repayment terms, ensuring customers have access to the funds they need.

Businesses are not left out. Stanbic Bank offers dedicated business banking solutions, including business bank accounts and the BizSmart account suite. They also cater to wealth management needs with insurance, investment, and multigenerational wealth preservation solutions.

Stanbic Bank offers investment accounts with competitive interest rates for individuals looking to grow their savings. Additionally, their PureSave account allows customers to earn up to 14% p.a. interest on their savings.

For added convenience, Stanbic Bank prioritizes digital banking solutions. Their mobile banking app, available on both iOS and Android, allows 24/7 account access for easy money management. They also offer Express Pay, a service for topping up mobile wallets using M-Pesa, and Stansure, a digital insurance solution.

Customers seeking assistance from the stanbic bank customer care can reach out through the stanbic bank kenya contacts at 0711068888 or 020 3268888. For written inquiries, they can send an email to customercare@stanbic.com.

Furthermore, individuals can leverage the stanbic bank ussd code (*208#) for quick and easy access to certain banking features without requiring an internet connection. Individuals can also utilize the stanbic bank paybill number (600100) for bill payments and the stanbic bank kenya swift code (SBICKENX) for international transactions.