Stanbic net profit rises 14.38pc to Sh4bn

Stanbic Holdings #ticker:CFC has posted a 14.38 percent jump in net profit in the half year ended June, boosted by higher interest and non interest income.

The lender made a net profit of Sh4 billion in the period, compared to Sh3.5 billion in the same period last year.

Net interest income jumped 19.51 per cent to Sh6.7 billion as non interest income mainly from fees and commissions rose 10.15 percent to Sh6.1 billion.

The lender’s board has proposed an interim dividend of Sh1.25 per share.

Stanbic becomes the second lender after Equity Bank #ticker:EQTY to announce a growth in half-year results.

Equity Bank’s half-year net profit increased nine percent to Sh12 billion as the lender cut back its loans to the Treasury in favour of the mass market

Other lenders are expected to release their half year results by the end of the month.