Stanbic Holdings has announced a profit of KES 7.2 billion for the year ended 31 December 2021. This represents a 39% increase from last year’s performance and is attributable to solid business momentum and various interventions that enabled the Group and its customers to weather the economic challenges occasioned by the COVID-19 pandemic.

The Company also announced a KES 2.9 billion final dividend bringing the total dividend for the year to KES 3.6 billion, considering it paid KES 0.7 billion in interim paid in August 2021.

Once approved at the Annual General Meeting (AGM), the total dividend payout will represent 50% of the Company’s profit for the year and a 137% increase from last year’s amount.

The Group’s customer loans went up by 17% to KES 185 billion in the reporting period, signaling its unwavering support to its customers to help them grow and realize their full potential. Customer deposits also grew by a double digit (11%) to KES 242 billion demonstrating the trust customers have in the institution.

Credit quality improved evidenced by a reduction in the credit loss ratio to 1.4% in 2021 from 3.01% in 2020.

Announcing the annual results, Stanbic’s Chief Executive,  Charles Mudiwa said, “Our focus has been on supporting our customers to navigate the pandemic and drive sustainable business growth. We are glad to have achieved this objective courtesy of our dedicated team and strong partnerships with our customers. Our future-ready digital transformation journey continues to simplify our customers’ banking experience in a way that empowers and gives them more control”.

Looking at the institution’s strategy for the year, Stanbic rolled out various solutions that have improved client experience and expediency while driving scale in the retail segment. The solutions range from the ease and convenience created by their digital customer onboarding solution, the flexibility to buy motor insurance in less than 10 minutes through the Stansure app and digital lending on Stanbic’s mobile app among others.

This drove digital penetration with over 85% of new accounts being opened digitally and 4 times increase in the number of accounts opened daily.

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