Stanbic Bank CEO Charles Mudiwa.

Stanbic Holdings Plc full-year profit increased by 38.5 percent to close at Kes7.2 billion from Kes5.2 billion recorded in 2020 on account of higher revenues and lower credit impairment charges.

The Group’s total income has risen by 7.8 percent to Kes25 billion from Kes23.2 billion posted a year earlier which has seen the bank more than double its dividend payout for the trading year.

The board has recommended the payment of a Kes7.30 final dividend taking the total dividend for the 2021 FY to Kes9 per share as earnings per share (EPS) rise to Kes18.23 from Kes13.13.

“We have seen a rebound in a number of key sectors of the broader economy that we operate in like agriculture, floriculture and infrastructure investments,” Stanbic Bank CEO Charles Mudiwa explained.

Since late last year, Kenya eased most of Covid-19 curbs, including the 10pm to 4am curfew, that had slammed break on the economy for over a year since the pandemic struck.

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“We rolled out various solutions that have improved client experience and expediency while driving scale in the retail segment. From their digital customer onboarding solution, the flexibility to buy motor insurance via the Stansure app, & digital lending on Stanbic’s mobile app,” added Mr Mudiwa.

In the past year, the lender’s net interest income has grown ahead of non-funded income at 12.5 percent to Kes14.4 billion from Kes12.8 billion.

Stanbic’s non-funded income in the year edged up 1.9 percent to close the period at Kes10.6 billion.

Credit impairments went down by nearly half (49 percent) at Kes2.5 billion from Kes4.9 billion in the year ended December 2020.

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