Patrick Mweheire-led Stanbic Holdings Kenya posts $32.10-million mid-year profit

Stanbic Holdings Plc Kenya has announced that it recorded KSh3.5 billion ($32.10 million) in profit in the first six months of the 2021 financial year, as the financial services sector revs up for recovery to pre-pandemic levels.

The information is contained in unaudited results published by the financial services holding on the website of the Nairobi bourse this morning, Aug. 13.

The company’s profit in the first half of 2021 is 37-percent higher than its profit of KSh2.55 billion ($23.39 million) in the corresponding period last year.

The 37-percent growth in profit came off the back of a near double-digit increase in total income from interest- and non-interest-bearing assets and operations.

The group recorded a net-interest income of KSh6.9 billion ($63.28 million) and a non-interest revenue of Ksh5.48 billion ($50.26 million). This represents a 9.48-percent and 10.51-percent growth, respectively, from the figures recorded last year.

Stanbic Holdings is a Nairobi-based financial services holding with operations in South Sudan through its subsidiaries.

It operates under the leadership of CEO Patrick Mweheire, who was appointed on March 3, 2020.

As a member of the Standard Bank Group, a financial services giant based in South Africa, the Kenya-based holding controls Stanbic Bank Limited, SBG Securities Limited, CfC Stanbic Nominees Limited and CfC FS Nominees Limited.

As of the end of the first half of 2021, it had total assets of KSh329.55 billion ($3.02 billion), making it one of the leading financial services groups in East Africa.

Aside from the growth in its net-interest income and non-interest revenue, lower tax expenses and credit impairment charges in the first half of the year contributed to the 37-percent growth in its earnings.

The directors of Stanbic Holdings have resolved to declare an interim dividend of KSh1.70 ($0.01559) for each ordinary share of the company.

This translates to a total dividend payout of KSh671.5 million ($6.16 million).As of press time, 10:45 AM (UTC), Aug. 13, shares in the holding were trading at KSh86.00 ($0.7887), 116-basis points higher than its opening price for the year.