Standard Chartered Bank Kenya Limited has announced a net profit of Sh. 13.8 billion for the full year ended December 31, 2023.

This profit was derived from a profit before tax of Sh. 19.7 billion, which was a 15 per cent growth year on year.

“Our top-line growth of 23 per cent benefitted from strong business momentum coupled with improved margins. Our continued investment in a strong digital proposition and the impact of inflation led to a 20 percent rise in operating expenses,” Kariuki Ngari, Chief Executive Officer, said.

During the year under revit, loans and advances were up 17 percent, while deposits grew by 23 per cent.

Net interest income increased 32 per cent due to growth in asset volumes and improved margins.

Non-interest income increased by 6 per cent due to growth in transaction volumes, favorable market movements, and robust performance in the Wealth

Operating expenses increased 20 per cent reflecting the impact of inflation as well as increased investment spending on digital capabilities.

Impairment losses on loans and advances increased by Sh. 2.1 billion, reflecting continued active management of the credit portfolio. Credit quality remained resilient. We remain alert to a volatile and challenging macroeconomic environment.

The balance sheet remained strong amidst a challenging macroeconomic environment.

Loans and advances to customers were up 17 per cent representing increased client demand. Asset quality improved significantly with the non-performing loans ratio closing at  9.7 per cent.

Customer Deposits increased by 23 per cent. Funding quality remains high with current and savings accounts making up 97 per cent of total customer deposits. 

Following  these results, StanChart announced that its Board will be recommending to shareholders at the forthcoming Annual General Meeting, a final dividend payment of Sh. 23.00 for every ordinary share of Sh  5.00.

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“An interim dividend of  Sh. 6.00 was declared and paid in December 2023. This will bring the total dividend for the year to Sh. 29.00 per ordinary share, which is 32 percent higher than the 2022 dividend,” the bank said in  a statement.