This archive report was first published on 16 May 2020.
Published on May 16, 2020, Stanbic Bank Kenya reported a significant drop in profit for the first quarter of 2020, attributed to the global economic slowdown.
The bank's profit for the quarter ended March 2020 stood at Sh1.5 billion, a 33.4% decrease from the Sh2.3 billion posted in a similar period in 2019.
Chief Executive Charles Mudiwa attributed the drop in profit to falling interest income, which reduced to Sh2.3 billion from Sh3.3 billion during a similar period last year.
Despite the challenges, the bank managed to register a profit and an increase in total customer deposits, which grew to Sh203 billion from Sh191 billion in quarter one of 2019.
Stanbic Bank Kenya also focused on developing and empowering women-owned businesses, giving out Sh727 million in the first quarter.
Head of Personal and Business Banking Maurice Matumo announced the bank's commitment to women-owned businesses, stating that they would relaunch Dada to the market with a Sh20 billion fund to accelerate the growth of businesses owned by women.
