Stanbic Holdings reported a decline in net profit for the first half of 2024, falling to Sh6.5 billion from Sh7.2 billion in the same period last year. This dip was primarily attributed to a 16 percent increase in operating expenses.

• Stanbic Holdings' net profit for H1 2024 was Sh6.5 billion, a decrease from Sh7.2 billion in H1 2023.
• CEO, Dr. Joshua Oigara, stated that increased operating expenses, driven by the appreciation of the Kenyan shilling and strategic investments, contributed to the profit decline.
• Despite the profit dip, non-interest revenue surged by 9 percent, and credit impairment charges fell by 26 percent, while customer deposits grew to Sh330 billion.
• The Group recommended an interim dividend of KES 3.80 per share, a 106.5% increase year-on-year.