Stanbic Holdings FY'21 PAT edged up 38.82% y/y to KES 7.21Bn driven by a 48.24% y/y decrease in Loan impairment provisioning. Customer deposits reduced 2.07% (+13.17% y/y expectations) to KES 254.59Bn while the loan book grew 16.82% to KES 229.32Bn (+22.73% y/y expectations). The board of directors proposed a final dividend of KES 7.30 taking the total FY'21 dividend to KES 9.00. As such, we maintain our BUY recommendation representing a total return of 17.50%, inclusive of dividends, on the current share price of KES 95.25 as at 2nd March 2022.
