NAIROBI, Kenya, Nov 23 – Standard Chartered Bank Kenya has posted a net profit of Sh8.7 billion in the nine months ended September 2022, a 37 per cent jump from Sh6.3billion posted in the same period last year.
The growth was attributed to increased incomes on asset volumes growth and expansion in net interest margins.
The lender’s operating income grew by 10 per cent to Sh24.5billion from Sh22.2billion in Q3 2021.
Even so, operating expenses grew by 9 per cent to Sh116billion reflecting the impact of inflation, increase in amortization charges as well as increased investment spending on digital capabilities.
“We have achieved this performance by actively supporting our clients in an increasingly unpredictable operating environment,” said Kariuki Ngari, Standard Chartered Bank CEO.
In the period, loan impairment declined by 77 per cent to Sh621million from Sh2.68billion as the economic environment rebounded.
Net customer loans and advances were up 8 per cent to Sh136billion reflecting the recovery of clients’ businesses.
Customer deposits also continued to grow hitting Sh286.1 billion from Sh258.4 billion.
The improved performance saw the bank’s board of directors announce the payment of an interim dividend of Sh6.00 for every ordinary share of Sh5.00 for the period.
