Stanbic records Sh6.2 billion profitStanbic Holdings has recorded after tax profit of Sh6.2 billion for the year ended 31 December 2018 from Sh 4.3 billion in a similar period previous year.The bank attributes the growth a strong economy mainly driven by favourable agricultural production. During the third quarter of 2018, the economy recorded a strong growth rate of 6.0 per cent compared to 4.7 per cent similar period 2017. “A stable currency, relatively firm interest regime, muted inflation, stable political environment and rising business confidence further supported the growth in the year 2018” the bank said. During the year the company said it paid over Sh 44 million as directors emolument an increase from the previous year’s over Sh41 million. The banking industry however continues to face a variety of threats including non-performing loans, provisioning, cyber security and money laundering.

Source: Standard Digital March 01, 2019 09:45 UTC