Stanbic Bank Uganda reports 7 per cent drop in first-half profit, hit by lockdown

Uganda’s Stanbic Bank reported on Friday a 7.4 per cent decline in half-year pretax profit, as one of the most sweeping lockdowns in Africa to curb the coronavirus hit its business.

The bank, a unit of South Africa’s Standard Bank, said its profit fell to 169.2 billion shillings ($46 million) in the six months to the end of June, from 182.8 billion for the same period last year.