The Standard Chartered Bank Kenya has announced a 63 per cent increase in net profit for the first nine months of the current financial year.
This saw the Stanchart net profit rise to Sh. 15.8 billion from the previous period’s net profit of Sh. 9.7 billion.
During the period, the bank’s operating income increased 33 per cent driven by net interest income which increasd by 17 per cent.
Non-interest income increased by 74 per cent while operating expenses went up by 5 per cent. Loan impairment charge increased 7 per cent year-on-year.
“We have delivered a strong performance in the third quarter with profit before tax up 64 per cent driven by strong topline growth, and well managed costs,” said StanChart chief executive officer Kariuki Ngare.
“The balance sheet remains strong and highly liquid with our liquidity ratio at 65 per cent (regulatory minimum 20 per cent) and total capital ratio remains strong at 21 per cent.”
Kelvin Gitau: 22-year-old Kiambu farmer making millions from 4,000 chickens
“We are optimistic as we get into the fourth quarter of an improving macro environment characterised by declining interest rates, falling inflation and stable currency. We are well positioned to help our clients through this phase and are confident of a strong finish to the year,” said Ngare.
