Stanbic Holdings CEO, Greg Brackenridge, disclosed last Friday that fresh plans to upscale Standard Bank Group’s operations in the country are on course and awaiting regulatory nod.
Standard Bank had planned to buy a total of 59 million shares in the Nairobi Securities Exchange-listed firm at Sh95 each, valuing the offer that ran from May 21 to July 3 at Sh5.6 billion.
Shareholders controlling 31.6 million shares worth Sh3billion accepted the offer, raising its stake to 68.01 per cent from the previous 60 per cent.
South Africa’s Standard Bank will try to buy an extra 6.9 per cent stake worth about Sh2.6 billion in Stanbic Holdings after failing to raise its shareholding in the local subsidiary to 75 per cent in its first attempt last month.
Stanbic Holdings CEO, Greg Brackenridge, disclosed last Friday that fresh plans to upscale Standard Bank Group’s operations in the country are on course and awaiting regulatory nod.
“There will be some addition in due course,” the Stanbic boss said during an investor briefing.
Standard Bank had planned to buy a total of 59 million shares in the Nairobi Securities Exchange-listed firm at Sh95 each, valuing the offer that ran from May 21 to July 3 at Sh5.6 billion.
Shareholders controlling 31.6 million shares worth Sh3billion accepted the offer, raising its stake to 68.01 per cent from the previous 60 per cent.
Standard Bank had earlier indicated it had applied to the Capital Markets Authority (CMA) to be allowed to buy more shares in the open market.
Stanbic Holdings, which owns Stanbic Bank Kenya and stockbrokerage outfit SBG Securities, reported a 104 per cent rise in net profit of Sh3.55 billion in the half year ended June up from Sh1.73 billion in the same period a year earlier.
Its banking business, Stanbic Bank, made a net profit of Sh3.48 billion in the year ended June, compared to Sh1.72 billion in the same period last year as lower provisions and higher income bolstered earnings.
The lender recorded a 16.24 per cent loan book growth to Sh136.4 billion in the period that raised interest income 15.46 per cent to Sh9.1 billion.
Stanbic Bank also benefited from lower loan loss provision of Sh253.2 million, down from Sh1.8 billion an 86.45 per cent drop in the same period despite a 62.7 per cent surge in gross defaults to Sh10.5 billion.
Non-interest income increased by 31.62 per cent to Sh5.2 billion on account of a rise in foreign exchange trading earnings which rose 11.99 per cent to Sh1.68 billion and fees and commission which went by 8.24 per cent to Sh1.84 billion.
