Joshua Oigara chairs first earnings briefing since his takeover as Stanbic CEO
Joshua Oigara on Thursday presided over his first earnings briefing since he took over as Stanbic Kenya and South Sudan’s Chief Executive.
The former KCB Group CEO was tapped to head the Kenyan and South Sudan units of Stanbic Bank in November 2022 as the lender seeks to grow its foothold in the market.
Oigara replaced Charles Mudiwa effective December 1 and was tasked with leading the Standard Group-owned lender to grow its local market share.
During the briefing, Oigara announced that Stanbic Holdings Plc secured a KES 9.1 billion after-tax profit for its financial year ended December 31, 2022.
The listed financial services provider, a member of Standard Bank attributed the 26 percent after-tax profit growth to strong revenue and balance sheet growth.
Oigara said the firm’s strategic plan formulated and adopted three years ago continues to facilitate growth and organizational resilience.
He noted that the strategic plan founded on digital innovations for service delivery enhanced consumer experience and increased operating efficiencies had translated to accelerated balance sheet growth.
“Despite the uncertain and challenging operating environment last year, the business delivered strong results, thanks to focused execution across our strategic plan. The plan is anchored on catalytic growth pillars such as customer service excellence and technology integration to boost operating efficiencies. We can see the payoff whilst providing a good launchpad for the next three-year strategy to be unveiled later this year,” Oigara said.
Buoyed by a diversified portfolio of corporate, commercial, investment and retail banking financial solutions, the lender posted a 28% revenue growth to close at KES 32 billion in the period under review.
Customer deposits increased by 12% to stand at KES 272 billion, while loan and advances to customers were up 27% to close at KES 236 billion, highlighting the Bank’s commitment to supporting economic growth and development.
Shareholders at the Nairobi Securities Exchange (NSE) listed firm will, subject to approval at the next Annual General Meeting, enjoy KES 4.98 billion in dividends, being 55 percent of the 2022 profit after tax and representing a 40% increase in total dividend payment from previous year’s KES 3.56 billion.
Stanbic Holdings Chief Financial and Value Officer Dennis Musau noted that the significant progress on its strategic plan and requisite measures made by the Bank over time have cumulatively contributed to its strong growth momentum.
“Over time, we have made investments to drive faster customer acquisition, efficient and convenient service and internal operational efficiency. The outcome of these efforts is evident in our Cost to Income ratio which reduced from 50.9% in 2021 to 46.7% in 2022, boosting our Return on Equity to 15.3%, up from 13.3% in 2021.” Musau said.
|
Behind the byline
A journalist is your first point of contact with information that is either informative, educative and entertaining, regardless of the medium you choose to consume your news. But have you ever asked yourself if these journalists who put themselves on the front lines to deliver news and impactful stories are mentally okay? One in four Kenyans suffers from mental illness, but there is no substantive data and research on the mental health of journalists, a gap that is now becoming more evident in the wake of public mental health crises and appeals for help from journalists. In the spirit of ending mental health stigma and discrimination, NTV’s health and science reporter Brygettes Ngana took the lens to her colleagues who opened up about their mental health status behind the scenes.
September 1, 2024
The bandit lands
Over the last 25 years, Kenya’s expansive North Rift has been an insecurity hotspot. Countless accounts of community conflicts, resulting in deaths, injuries, livestock theft, and assaults on security personnel, have plagued the region, becoming a defining feature for thousands of residents. Efforts, pronouncements and promises to secure peace in the restive region have been an elusive task for successive Administrations, to-date.
Will the latest efforts to bring development and peace in this region bring the cycle of violence to end, or will it be another chorus of promises to grant the residents a life of dignity and normalcy, but with nothing to show for it?
NTV's Zainab Ismail visited the region with an aim of understanding the underlying issues, the realities on the ground and the impact of the violence to the residents of this area. This is NTV Presents: The Bandit Lands
August 25, 2024
How specialised programs in Kisumu are empowering the signing community | EQuality
This week on Equality, our Gender Affairs Reporter, Ruth Munyi, takes us to Kisumu County, where she uncovers the inspiring story of economic empowerment for the deaf community.
Despite the challenges of their disability, they are breaking barriers and becoming financially independent. We tell you how specialised training programs are not only equipping them with essential skills but also shielding them from exploitation.
August 24, 2024
Bishop Alexander Kipsang Muge: Ultimate Price.
It is now thirty-four years since the death of then vocal ACK Bishop of Eldoret Diocese Alexander Muge that occurred through a tragic and suspicious road accident near Kipkaren river along Webuye -Eldoret highway.
At the time, the late Muge was a fierce government critic and was among prominent religious leaders who had joined forces with a section of politicians, academics, lawyers and other civil society groups, in agitating for a return to multiparty politics in the country. His death was largely seen as a political assassination as Kenya grappled with one of the darkest periods of its post-independence history. What were the circumstances surrounding his demise and how did the vocal man of the cloth meet his death? Duncan Khaemba speaks to a survivor who witnessed the late Bishop Muge breathe his last, his children who were teenagers at the time as well as a section of church leaders who knew him at a personal level. Bishop Alexander Kipsang Muge: Ultimate Price. August 18, 2024
Four-year-old develops fistula after being defiled by neighbour | Equality
A young mother is grappling with emotional trauma while her four-year-old daughter recovers from serious injuries inflicted by a man who defiled her. #Equality
August 18, 2024
The plastic restaurant in Lamu making progress in addressing plastic pollution | Heartbeat
The communities in the Lamu archipelago have made remarkable progress in addressing plastic pollution. After the successful construction of a Flipflopi boat using recycled plastic, the community has expanded its efforts to include other plastic recycling projects. These initiatives now encompass the construction of sustainable hotels, eco-friendly restaurants, and innovative recreational platforms. The islanders have taken the lead in championing the protection of the marine ecosystem, urging similar initiatives within the county.
August 13, 2024
Logs of contention: The Battle for Kenya's eucalyptus
A year after the lifting of the logging ban in Kenya, local timber manufacturers are concerned about the indiscriminate cutting down of Eucalyptus trees to process veneers by foreign nationals from India and China. The eucalyptus veneers are being processed for export as raw materials to India and China. Kenyan timber manufacturers claim that the country has lost close to a billion shillings in revenue in the last three months due to Chinese and Indian timber processors failing to remit local taxes. Despite a ban on eucalyptus exports to China, NTV has established that the exports of eucalyptus veneers are ongoing. The Kenya Association of Manufacturers is warning that the uncontrolled harvesting of eucalyptus trees could jeopardize Kenya’s 15 billion tree-growing campaign to increase the country’s tree cover by 30 percent in the next decade as a climate mitigation measure. NTV’s Health and Science reporter, Brygettes Ngana, provides insights into the intricacies behind the eucalyptus veneer business that is depleting the country's tree reserves and revenue, on #LogsOfContention.
August 11, 2024
Thank you for the rain
Five years ago, Kisilu, a Kenyan farmer, began using his camera to document the life of his family, his village, and the impacts of climate change. When a violent storm brought him together with a Norwegian filmmaker, we witness his transformation from a father to a community leader and, ultimately, to an activist on the global stage.
August 7, 2024
#CoupDeterred: Intrigues of attempted coup on President Moi's government
Last Thursday marked exactly 42 years since the failed coup attempt of 1st of August 1982 pulled by rebel airforce soldiers against president Daniel Toroitich Arap Moi's government. So much has been written about the coup, yet that was not all there was to it, there is a whole lot more that is unreported.
August 4, 2024