Stanbic Bank Kenya has reported profit of Sh 1.5 billion for the first quarter of 2020 buoyed by an increase in customer deposits and a growing loan book.
The lenders total non-interest income however dipped to Sh 2.3 billion as a result of the declining global economic activity on the back of corona virus pandemic.
Stanbic Bank Kenya’s Chief Executive Charles Mudiwa, said the bank weathered a difficult economic position during a period when most sectors struggled 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 Sh 203 billion from Sh 191 billion in quarter one of 2019.” he said.
The bank’s loan book also saw an increase of 12% percent to Sh 161 billion from Sh 144.7 billion in the first quarter of 2019.