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Stanbic Bank partners with Ministry of Industrialization in a bid to support the MSME sector
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Stanbic Bank and Stanbic Kenya Foundation have signed an MoU with the Ministry of Industrialization, Trade and Enterprise Development in a bid to support Kenya’s Trade and Industrialization agenda as well as the MSMEs Sector in Kenya.
This move comes at a time when Kenya is in trade dialogues with various partners to prioritize industrialization as a key Big 4 agenda, while still recovering from the negative impacts of the global COVID 19 pandemic.
Speaking during the signing ceremony, the Cabinet Secretary for Industrialization, Trade and Enterprise Development, Hon. Betty Maina said, “SMEs play a vital role in driving economic growth and development and contribute to over 36% of the GDP. We must therefore support them through various intervention programs that allow them to reach their full potential. One of the government’s key focus is to partner with able players, especi
Stanbic announces a reduced Ksh. 5.2 billion net profit for FY 2020
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Stanbic Holdings has announced that it has registered a profit after tax of Ksh. 5.2 billion for the year ended 31st December 2020. This represents a reduction from the Ksh. 6.3 billion the company posted over the same period in 2019.
Total income also reduced to Ksh. 23 billion from Ksh. 24 billion in 2019 while operating expenses reduced to Ksh. 12 billion from Ksh. 13 billion.
The board of directors of the company have recommended a dividend per share of Ksh. 3.80 for the financial period ending 31st December 2020. This is reduction from Ksh. 7.05 per share paid in the same period in 2019.