Stanbic records Sh6.2 billion profit

NAIROBI, KENYA: Stanbic Holdings has recorded after tax profit of Sh6.2 billion for the year ended 31 December 2018 from Sh 4.3 billion in a similar period previous year.

The bank attributes the growth a strong economy mainly driven by favourable agricultural production.

During the third quarter of 2018, the economy recorded a strong growth rate of 6.0 per cent compared to 4.7 per cent similar period 2017.

“A stable currency, relatively firm interest regime, muted inflation, stable political environment and rising business confidence further supported the growth in the year 2018” the bank said.

 “In South Sudan, where peace efforts continue to bear fruit, we have successfully de-risked the business and now get good performance,” the bank added in a newspaper advert.

During the year the company said it paid over Sh 44 million as directors emolument an increase from the previous year’s  over Sh41 million.

The banking industry however continues to face a variety of threats including non-performing loans, provisioning, cyber security and money laundering.

Cyber Security

Hacking in the banking industry has attracted the attention of Ethics and Anti Corruption Commission who recently announced that they have completed investigations against a key suspect believed to be behind the racket.

“Investigations are now complete and we shall be forwarding the file to the Director of Public Prosecutions any time now,” said EACC Spokesman Yassin Amaro in an interview.