Stanbic Bank commits USD2.8 million towards COVID-19 fight

0
563
  • This adds to an assortment of equipment worth USD200 000 donated in April 2020
  • CEO Joshua Tapambgwa said the Bank will continue to invest in the necessary protective equipment
  • During the half year period to June 2020, Stanbic achieved an inflation adjusted profit after tax of ZWL607.2 million

Harare – Stanbic Bank Zimbabwe Limited, a subsidiary of Africa’s largest lender Standard Bank Group, has assisted various clients with approximately USD2.8 million in credit and foreign currency allocation to enhance their capacity to produce and supply products related to fighting COVID-19.

In a statement accompanying the Bank’s financials for the half year ended 30 June 2020, Stanbic chairperson Gregory Sebborn said, “Some of these clients are in the medical industry while others are in chemical industries which provide necessary inputs for sanitation, hygiene and the medical field.”

This would add to a pledge of an assortment of equipment worth USD200 000 made in April 2020 upon which the leading financial services provider donated a total of five ventilators, 32 500 personal protective equipment (PPEs) in the form of suits, N95 masks, face shields and goggles; 2 400 PCR tests, 3 000 sanitiser bottles and two boreholes that will be drilled in two selected high-density suburbs of Bulawayo and Harare.

“The PPEs were handed over to St Anne’s Hospital, Wilkins Hospital, Thorngrove Hospital, Mutare Infectious Diseases Hospital, Gweru Provincial Hospital and Masvingo Provincial Hospital.

“The five ventilators were handed over to Thorngrove Hospital, Parirenyatwa Hospital, St Anne’s Hospital and United Bulawayo Hospital, while the two boreholes as mentioned were drilled in Cowdray Park – Bulawayo and Glen Norah C – Harare to help these communities with better access to clean and safe water,” Chief executive officer Joshua Tapambgwa said in an additional statement.

Having started in Wuhan province located in China late last year, the novel coronavirus has reached over 25.1 million cases and over 800k deaths worldwide. The recorded number of recoveries is above 16.5 million.

Meanwhile, according to latest updates, Zimbabwe has recorded 6 412 COVID-19 cases with 196 deaths and 5 061 recoveries.

The COVID-19 pandemic has caused major business disruptions across the globe as various countries implemented lockdown measures in an effort to contain the spread of the virus.

Mr Tapambgwa said the Bank will continue to invest in the necessary protective equipment as they join the nation in the fight against the disease. The Bank has adopted new ways of working with some staff members working remotely as it strives to halt the spread of the disease.

During the half year period to June 2020, Stanbic achieved an inflation adjusted profit after tax of ZWL607.2 million, surpassing the inflation adjusted loss of ZWL624 million incurred in the comparative period, underpinned largely by an improvement in non-funded income which includes trading revenue, fee and commission income and fair value adjustments on investment properties.

Net interest income for the period declined by 28% from ZWL540 million to ZWL389 million although the Bank’s lending book had grown by 11% from ZWL2.5 billion as at the end of December to ZWL2.7 billion.

Equity Axis News

LEAVE A REPLY

Please enter your comment!
Please enter your name here