Stanbic Holdings PLC on Thursday revealed that it made a profit Sh4.1 billion in just half a year.
This was a 14 per cent increase in their earning up to June 30. Their increase in profit has been attributed to increased lending to customers and efficiency.
In the past half-year, the bank loaned a total of Sh161.9 billion while customers deposited a total of Sh201 billion.
The bank opted to give more money to the real economy which has borne them fruits.
According to the Stanbic Holdings Chief Financial Officer Abraham Ongenge, the bank has learnt how to deal with bad loans which have improved their shares.
“We are now more informed and are seeing efficiencies in credit scoring through new data on client behaviour,” he said.
Improved efficiency at the bank has seen its profits improve by 20 per cent to Sh6.7 billion.
The bank's growth over half a year has been achieved due to its change in the regulatory environment which affected both the insurance segment and banking.
“We have managed to navigate the complex operating environment by abiding to our strategy which remains pegged on income diversity and resilience,” Stanbic Bank Kenya Chief Executive Officer Charles Mudiwa said.
A hike in fuel costs and food has seen people take more loans from the bank hence increasing their profit.
Digitization of their services also improved their profits.