NAIROBI, Kenya, March 14 –Standard Chartered bank has posted a Sh12.1 billion profit for the full year ended December 31, 2022, a 34 per cent jump compared to the Sh9 billion posted in 2021.
The performance was driven by strong top-line growth with operating income up by 16 per cent to Sh34 billion from Sh29.2 billion.
Net interest income grew by 18 per cent to Sh22.2billion due to asset volumes growth and expansion in net interest margins as interest rates rose.
On the other hand, non-interest income increased by 13 per cent to Sh11.8billion attributed to favourable market movements and strong performance in the Wealth Management business.
Despite the higher income, operating expenses increased 8 per cent to Sh15.6 billion reflecting the impact of inflation as well as increased investment spending on digital capabilities.
“We have delivered a strong set of results in 2022. I am particularly pleased with our discipline around expenses that helped us navigate the inflationary pressures of 2022 but still allowing us room to invest in our digital capabilities,” said Standard Chartered bank CEO Kariuki Ngari.
In the year, loans and advances to customers went up by 11 per cent to Sh139.4 billion. Deposits from customers also went up by 5 per cent to Sh278.9 billion.
The lender’s board has proposed a final dividend of Sh16 per share for the period under review. This is in addition to the interim dividend of Sh6 per share paid in December 2022.
