Corporate News
Standard Chartered Bank branch on Kenyatta Avenue in Nairobi. StanChart
reported net profit of Sh2.5 billion in the first quarter compared to
Sh1.8 billion a year earlier. Photo/FILE
By DAVID HERBLING
In Summary
- StanChart reported net profit of Sh2.5 billion in the first quarter compared to Sh1.8 billion a year earlier, boosted by increased income from lending.
Standard Chartered Bank
saw its net earnings surge by a third in the first three months to
March, ranking it as Kenya’s third most profitable lender as per quarter
one numbers.
The Nairobi Securities Exchange-listed bank
reported net profit of Sh2.5 billion in the first quarter compared to
Sh1.8 billion a year earlier, boosted by increased income from lending.
At 34.2 per cent, StanChart recorded the second
fastest profit growth among Kenya’s top tier banks for the period to
March, behind CfC Stanbic’s 59 per cent jump but ahead of KCB (28.6 per cent), Equity (20.7 per cent), Barclays (17 per cent) and Co-op whose earnings dipped 5.6 per cent.
“The momentum from 2013 has continued into
2014. We remain confident in the outlook for the business as we expect
business to pick pace,” said Lamin Manjang, chief executive of Standard
Chartered Bank Kenya.
The performance helped StanChart rebound from a 19
per cent plunge in after tax profit in the first quarter of 2013—which
saw it drop to position four on the profit ladder, falling behind
Co-operative Bank.
StanChart’s net interest income was up a fifth to
Sh4.4 billion from Sh3.7 billion in the first quarter of last year while
non-interest income increased by 3.8 per cent to Sh1.7 billion.
Its loan book was up 8.7 per cent to Sh127.5
billion driven by increased lending to high-potential small and
mid-sized enterprises (SMEs) which make up roughly a third of
StanChart’s consumer banking revenues.
“We will continue banking the people and companies driving investment, trade and the creation of wealth,” said Mr Manjang.
No comments :
Post a Comment