[2008-08-06]  Stanbic Bank profits rise to sh33b
STANBIC Bank net profits have increased to sh33b in the six months to June 2008 from sh24b during the same period last year, the bank’s unaudited financial statement has shown.

The profit rise was driven by a rise in net interest income. According to results for the year ended December 2007, customer advances increased in the first half of the year to sh570b from sh358b in June 2007.

There was substantial growth in customer deposits to sh1.2 trillion compared to sh965b in 2007.

Net interest income also rose to sh95b from sh81b the previous year, while earnings per share increased to sh6.56 from sh4.74 in the period under review.

The asset base expanded to sh1.5 trillion at the end of June 2008 from sh1.1 trillion, boosted by growth in customer advances plus cash and balances with the central bank.

However, provisions for bad loans went up to sh2.5b from sh1.8b at the end of June 2007. Operating expenses, on the other hand, also went up to sh41b from sh37b in the same period.

The shareholders’ equity increased to sh120.6b from sh94b in the same period last year.
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