This archive report was first published on 25 August 2020.
On August 25, 2020, the COVID-19 pandemic continued to take a toll on the global economy, with Standard Chartered Group's profits dropping by 31% in the first six months of the year.
The bank's profit for the first half of 2020 stood at Sh3.2 billion, a significant decline from the Sh4.7 billion recorded during the same period in 2019.
Interest income also took a hit, dropping to Sh2.54 billion from Sh2.89 billion in the previous year, while non-interest income declined to Sh9.39 billion from Sh9.85 billion.
However, customer deposits saw a significant increase, rising to Sh256 billion from Sh228.4 billion, as the country grappled with nearly a million job losses due to the pandemic.
Notably, the bank's loan book expanded by 11.9% to reach Sh134 billion, while government and other securities grew by 3.2%.
Standard Chartered Group's Chief Executive, Kariuki Ngari, attributed the bank's resilience to its investments in digital capabilities, which enabled 89% of transactions to be conducted digitally, with a 62% and 90% penetration for retail and corporate clients, respectively.
Ngari also disclosed that 72% of the bank's head office staff continued to work from home, supporting clients and ensuring minimal disruption to banking services.
