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Companies

Stanbic net profit rises 104pc to Sh3.55bn on bad loans drop, higher income

Stanbic bank branch on Kimathi Street
Stanbic bank branch on Kimathi Street, Nairobi. FILE PHOTO | NMG 

Stanbic Holdings’ after-tax profit more than doubled (104 per cent) to Sh3.55 billion in the half year ended June, boosted by improved performance in its banking business.

Its banking unit, Stanbic Bank, made a net profit of Sh3.48 billion in the period, a statement from the bank said, compared to Sh1.72 billion in the same period last year as lower provisions and higher income bolstered earnings.

Stanbic Bank recorded a 16.24 per cent loan book growth that raised interest income 15.46 per cent to Sh9.1 billion.

Stanbic Bank also benefited from lower loan loss provisions of Sh253.2 million, down from Sh1.8 billion an 86.45 per cent drop in the same period.

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