This archive report was first published on 15 May 2020.
Stanbic Bank Kenya has announced a profit of Sh1.5 billion for the first quarter of 2020, a testament to the bank's resilience in the face of economic challenges.
According to the bank's Chief Executive, Charles Mudiwa, the first quarter had put the economy in a difficult position, with most sectors struggling to meet targets.
However, despite this challenge, the bank was able to register a profit and record an increase in total customer deposits, which grew to KSh 203 billion from KSh 191 billion in quarter one of 2019.
The bank's loan book also saw a significant increase of 20 percent to Sh174 billion from Sh144.7 billion in the first quarter of 2019.
Stanbic Bank Kenya's ability to register a profit in the first quarter of 2020 is a positive sign for the Kenyan economy, which has been affected by the decline in global economic activity.
