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Standard Chartered Kariuki Ngari, Chief Executive Officer, said: “We are pleased to release our first half of the year financial results which reflects a strong profit before tax growth of 27 per cent. This result has been delivered by a strong top line growth of 34 per cent from a stellar performance by both businesses. Cost growth has come in at 17 per cent resulting in a healthy cost income ratio of 17 per cent. Loan impairment charge has increased by KES 1.9 billion reflecting a volatile and challenging micro-economic environment. Asset quality remained resilient whilst our deposit growth has continued in our current and savings accounts. The external environment remains challenging, but we remain steadfast in supporting our clients through this period. Summary financial performance Operating income increased 34 per cent driven by strong performance across our Wealth Management, Financial Markets and Retail products; Net interest income increased 38 per cent due to volume growth and improved margins. Non-interest income registered 27 per cent growth from increased transactional volumes and margins. Operating expenses were up 17 per cent from increased staff costs and continued investment spend into transformational digital initiatives. Loan impairment charge increased year-on-year reflecting a volatile and challenging macro-economic environment. The balance sheet remains strong and highly liquid. Net loans and advances to customers increased 4 per cent from 31 December 2022 to KES 145 billion. Asset quality remained stable. Customer deposits recorded a 2 per cent increase from 31 December 2022. Funding quality remains high with current and savings accounts making up to 95 per cent of total customer deposits. The liquidity ratio at 62.8 per cent remains well above the regulatory threshold of 20 per cent. Total capital ratio of 17.26 per cent is above the regulatory minimum and within our capital risk appetite. Concluding remarks We have delivered a strong financial performance in the first half of the year, and we have achieved these results by focusing on our clients, supporting our colleagues and staying true to our brand promise, here for good. We are conscious of our external macroeconomic headwinds, both global and local. With inflation starting to cool off and the measures being taken by both the monetary and fiscal authorities to stabilise our economy, we are optimistic of a better external environment in the second half of the year.
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Record performance for the Bank in Africa and the Middle East (AME)

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Financial Literacy
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DIB Bank Kenya trains women on entrepreneurship and Financial Literacy

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