Stanbic Bank has almost tripled its cash reserves in a half year that has seen the bank soar in profitability.
The lender has not only done a 101 percent increase in net profits from Sh1.7 billion in June 2017 to Sh3.4 billion by June this year but has generated serious cash.
Incomes from operating activities was up from Sh1.4 billion to Sh4.4 billion pushing available cash to Sh45.9 billion from Sh18.5 billion in a similar period last year.
Positive growth in personal and business banking, fees and commissions from trade, investment, and electronic banking as well as securities trading, pushed up the Group’s profitability.
Loans to customers were up 16 percent to Sh136 billion pushing up incomes by Sh996 million.
Fees, commissions, and forex trading also grew by a total of Sh1.2 billion bringing the cumulative revenues to Sh10.8 billion
Expenses, on the other hand, were down from Sh6.7 billion to Sh5.4 billion mostly on 86 percent reduction on loan impairment.