Stanbic Bank first to announce soaring profits in its previous financial year

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Stanbic Holdings has posted 45.5 per cent jump in net profit to Sh6.27 billion for the full year ended December 2018, supported by growth in both interest and non-interest income. Net interest income grew by 14 per cent to Sh12.13 billion from Sh10.6 billion posted at the end of previous financial year. During this period, non-interest income, mainly from fees and commissions, grew by 18.3 per cent to Sh9.96 billion.

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The bank said this is a strong performance in an interest rate cap regime was supported by prudent lending decisions. Stanbic, which runs Stanbic Bank and SBG Securities, becomes the first one to release full year results with the rest of lenders expected to do so by the end of month.

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