Stanbic Bank has recorded a 13 percent increase in profit after tax to Sh13.7 billion for the full year ending December 31, 2024.

The growth was largely driven by a 27 percent rise in interest income, which surged from Sh37.9 billion in 2023 to Sh48.2 billion last year, underpinned by a higher-yielding asset book and investment portfolio.

“We had a robust performance in 2024, driven by our ongoing focus on platforms, solutions, and processes that promote business growth,“ its CEO, Joshua Oigara, said.

“Our investments in technology, talent, and innovative strategies have enabled us to deliver resilient earnings, creating a positive impact across Kenya and South Sudan.”

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On the flip side, the lender’s non-interest revenue dipped by 1.7 percent, dragged down by narrower margins and the impact of the prior year’s significant one-off transaction.

However, this decrease, Stanbic says, was offset by higher trading and transactional volumes, resulting in a marginal 3.8 percent drop in total income.

Consequently, the Group’s earnings per share increased by 13 percent, and return on equity saw a 70 basis points improvement.

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As a result, the Group has increased the dividend payout by 35 percent, declaring Sh20.74 per share, up from Sh15.35 per share in 2023.

Chief Financial and Value Officer Dennis Musau emphasised that despite rising funding costs, the Group strategically shielded its customers from the full impact, maintaining competitive lending rates.