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Stanbic bank assets grow to Shs6.6 trillion
Ms Anne Juuko, the new Stanbic chief executive officer. Courtesy photo
What you need to know:
- Ms Anne Juuko, the new Stanbic chief executive officer, said the Covid pandemic would have a serious impact on the global economy, noting the bank had in the immediate waived all charges on digital channels and is planning customer credit relief programmes that would be tailored to prevailing circumstances.
Stanbic Bank assets have grown to Shs6.6 trillion for the year ended December 31.
The assets, according to the bank’s results released yesterday, grew by Shs1.2 trillion in 2019 from Shs5.4 trillion in 2018.
The growth, Stanbic said, was mainly supported by among others growth in customer deposits, which grew by 21 per cent.
The bank also reported growth in profits from Shs215b in 2018 to Shs259b under the period.
Mr Patrick Mweheire, the Stanbic outgoing chief executive officer, said the bank had registered growth on a number of fronts with revenues growing by 20 per cent to Shs800b from lending and non-lending streams.
The bank’s loan book and advances grew by 14 per cent to Shs2.8 trillion in the period up from Shs2.5 trillion in 2018, which also saw a growth in the bank’s loans market share from 19 per cent to 20 per cent.
The bank also registered growth in lending to sectors in manufacturing, agriculture, household expenses and trade finance.
However, the ratio of net interest to income dropped from 56 per cent to 44 per cent, while non-performing loans remained at Shs120b
In a statement, Mr Mweheire projected an increase in credit pressure and a growth in non-performing loans from the pre-cycle of 4.7 per cent ahead of the election year but noted “there seems to be room to manoeuvre given where inflation and base rates are this time”.
The bank also declared a dividend pay out of Shs97b in 2019, which represented a growth of 1 per cent from Shs90b in the same period in 2018.
Ms Anne Juuko, the new Stanbic chief executive officer, said the Covid pandemic would have a serious impact on the global economy, noting the bank had in the immediate waived all charges on digital channels and is planning customer credit relief programmes that would be tailored to prevailing circumstances.
