Standard Chartered Bank Nine Months Profit Rises To Ksh.8.7 Billion

By Kepha Muiruri

Standard Chartered Bank Kenya has posted a 36 per cent rise in earnings through nine months to September with its profit rising to Ksh.8.7 billion from Ksh.6.4 billion.

The rise in profitability from September 2021 is largely attributable to higher income and cost containment through the three quarters of the year.

The Group’s operating income was higher by 10.3 per cent at Ksh.24.6 billion from Ksh.22.3 billion with the bank’s non-interest income rising at a faster rate of 15.8 per cent to Ksh.8.8 billion.

Stan Chart’s net interest income has grown by a slower 7.5 per cent to Ksh.15.8 billion from Ksh.14.7 billion last year as net loans to customers jump slightly to Ksh.136.1 billion.

During the period the lender has cut its non-interest related costs by 8.2 per cent to Ksh.12.3 billion from Ksh.13.4 billion supported largely by a 77 per cent cut to loan-loss provision costs which fell to Ksh.621 million.

The bank’s customer deposits have grown faster than loans in the period to Ksh.286.1 billion from Ksh.258.4 billion.

Following the higher profits, Standard Chartered has raised its interim dividend by 20 per cent to Ksh.6 per share from Ksh.5 at the same time last year.

The interim dividend totals to a combined pay of Ksh.2.4 billion to Standard Chartered shareholders from Ksh.2 billion in September 2021.