Tuesday, June 18, 2024

StanChart’s net profit hits Sh. 5.6 billion in first quarter of 2024

The Standard Chartered Bank (StanChart) has announced a net profit of Sh. 5.6 billion for the first three months ended March 31 in its current financial year. The StanChart’s net profit represented a profit growth of 39.5 per cent.

During the period under review, the bank’s total assets increased by 0.7 per cent to stand at Sh. 391.3 billion. At the same time, net interest income grew by 20 per cent to Sh. 8.3 billion while trading income from forex increased by 15.3 per cent to Sh. 2.5 billion.

Co-Op post

Total interest income for the bank increased by 26.6 per cent to Sh. 9.5 billion from Sh. 7.5 billion. This came as revenues from loans and advances increased to Sh. 5.7 billion from Sh. 3.9 billion in the previous financial year.

The bank’s total operating income increased by 21.4 per cent to cross at Sh. 13 billion from Sh. 10.7 billion. This growth was largely attributed to a faster growth in non-interest funded income by 23.6 per cent to Sh. 4.7 billion.

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During the three months under review, StanChart grew its net loans and advances to customers by 11.9 per cent to Sh. 153.5 billion from Sh. 137.1 billion.

Customer deposits however appeared to stagnate at Sh. 306 billion from the previous Sh. 302.9 billion.

Earnings per share posted a growth of 36.7 per cent to 14.42. Gross non performing loans went down by 26.9 per cent to stand at Sh. 16.5 billion.

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