Stanbic records increased profits by over 1 billion

Stanbic Holdings has recorded increased tax profits from Sh4.3 billion to Sh6.2 billion for the year ended 31 December 2018.

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.

 “In South Sudan, where peace efforts continue to bear fruit, we have successfully de-risked the business and now get good performance,” the bank added in a newspaper advert.

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.

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