Stanbic Bank's profit for Q1 hits Sh1.5bn

NAIROBI, Kenya, May 15 – Stanbic Bank Kenya has announced a profit of Sh1.5 billion for the first quarter of 2020.

The earnings were a result of increased customer deposits and a growing loan book.

This is despite total non-interest income decreasing to Sh2.3 billion as a result of the declining global economic activity that has stifled growth.

Charles Mudiwa, Stanbic Bank Kenya’s Chief Executive said, the first quarter had put the economy in a difficult position with most sectors struggling to meet targets.

“Despite this challenge, we have been able to register profit and have registered an increase in total customer deposits that grew to KSh 203 billion from KSh 191 billion in quarter one of 2019.”

The bank’s loan book also saw an increase of 20 percent to Sh174 billion from Sh144.7 billion in the first quarter of 2019.