This archive report was first published on 15 May 2020.
On May 15, 2020, Stanbic Bank Kenya made headlines with its impressive financial performance in the first quarter of 2020. The bank's Chief Executive, Mr. Charles Mudiwa, attributed the profit of KSh1.5 billion to increased customer deposits and a growing loan book.
Despite the global economic downturn, Stanbic Bank Kenya's total non-interest income decreased to KSh 2.3 billion. However, the bank's resilience was evident in its ability to register a profit and increase its total customer deposits to KSh 203 billion, up from KSh 191 billion in the first quarter of 2019.
The bank's loan book also saw a significant increase of 12% to KSh 161 billion from KSh 144.7 billion in the first quarter of 2019. This growth was a testament to the bank's strategic investments in the Kenyan private sector.
Stanbic Bank Kenya was at the forefront of providing relief to customers affected by COVID-19. The bank offered loan moratoriums to individuals and Small and Medium-Sized Enterprises (SMEs), restructuring around KSh 10.9 billion to individuals who had a one-month repayment holiday.
Additionally, the bank restructured KSh 2.3 billion of SME loans, providing a three-month loan holiday to SMEs. This move was particularly impactful, as SMEs have been severely affected by the COVID-19 crisis, struggling to meet basic functions such as salaries and utility bills.
Stanbic Bank Kenya also demonstrated its commitment to empowering women-owned businesses through its DADA platform. The bank has provided KSh 727 million to women-owned businesses, and plans to increase its commitment with a KSh 20 billion fund to accelerate the growth of businesses owned by women.
