Stanbic 1H23 Financial Results Presentation
117.8
Jun-22
Jul-22
OPERATING ENVIRONMENT - KENYA OVERVIEW
5.70%
5.10%
GDP Growth
7.50%
5.0%
4.80%
-0.30%
2018
2019
2020 2021 2022
2023 (f)
USD-KES Exchange rate trend
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
140.45
19% YoY
depreciation
Apr-23
May-23
Jun-23
5 | STANBIC 1H23 FINANCIAL RESULTS PRESENTATION
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RISING INTEREST RATES
GDP
CBR hikes: Central Bank rate (CBR) raised
by 100bps. Cumulative increase over the
last one year of 300bps
T-Bill Rates: Interest rates are rising as
investors are increasingly looking for high
returns. 91-day up >380bps for the last 12
months
Private Sector Credit Growth is expected
to decline as rates increase
The Kenyan economy grew by 5.3% in
Q1 2023 compared to 6.2 % in Q1 2022.
The growth was largely supported by
rebound in agriculture, growth in
Accommodation and Food Service,
Information and Communication
Technology, Transportation, Financial
and Insurance, and Wholesale and
Retail Trade.
GDP is expected to grow by 5% in 2023
IMF)
INFLATION
Inflation: Tapering but above the Central
Bank range of 2.5% to 7.5% as at end of
June 2023
New tax measures to impact cost of living
CURRENCY AND FX RESERVES
Kenya shilling lost close to 1/5th of
value year on yearView entire presentation