SBIC | Stanbic Holdings HY23 Earnings Note
Stanbic Holdings PLC HY’23 earnings results were higher than our expectations. The lender posted a 47.01% y/y climb in PAT and a 47.07% growth in EPS to KES 7.05Bn and KES 17.84 per share respectively driven by a 44.44% y/y growth in net interest income and a 29.74% growth in non-interest income. NIMs remained adequate at 5.66% with trailing ROaE and ROaA declining y/y to 18.79% and3.17% respectively. The board of directors recommended a KES 1.15 interim dividend on the back of improved performance, contrary to expectations, pointing to a higher expected FY’23 total dividend.