[Source: Business Daily, by Patrick Alushula]
Stanbic Holdings has posted a 37.2 percent decline in six-month net profit on account of reduced income and increased provisioning for loan defaults as Covid-19 pandemic continues to batter the economy.
Net profit dropped to Sh2.55 billion in contrast to Sh4.06 billion posted in a similar period last year.
The profit of Stanbic Bank and its investment arm, SBG Securities, both declined pulling down the group’s performance.
Stanbic becomes the third tier I lender to post a fall in profit. Net earnings of …
