Stanbic Bank had a more than 10-fold increase in net profit in the first half of this year and it says that despite the current economic difficulties its future is bright. It is well positioned to take advantage of unfolding opportunities in the future.
The bank’s income was boosted by net interest income which shot up from $1.1 billion to $7.8 billion and trading income which rose from $81 million to $2.2 billion.
Net profit increased from $444.8 million to $5.3 billion.
Its balance sheet improved from $32.6 billion to $86 billion.
Return on equity increased from 15 percent last year to 99 percent while cost to income ratio improved from 51 percent last year to 24 percent.
Stanbic Finance did not do that well. Though return on equity improved from 17 percent to 64 percent, net profit dropped from $102.9 million to $38.4 million.