StanChart Q3 Net Profit Jumps 46.6% to KSh6.4bn; Declares Interim Dividend

Shares of Standard Chartered Bank Kenya gained 0.19 per cent to 131.75 per share on the NSE on Monday after the bank's net profit grew 19 per cent to KSh2.39 Billion in the March quarter of FY21, as against KSh2.01 billion in Q1FY20.

Standard Chartered Bank Kenya reported a 46.6 per cent net profit growth in the nine months ended September.

It posted a net profit of KSh6.3 billion compared to KSh4.3 similar period in 2020.

This was attributed to lower costs and higher non-interest income.

The lender’s net interest income, largely from loans and advances, increased by 2.8 per cent to KSh14.71 billion.

Total income grew by 7.8 per cent to KSh22.72 billion.

Operating expenses dropped by 5.1 per cent to KSh13.37 billion, due to a 10.2 per cent drop in staff costs to KSh4.88 billion.

The Board of Directors declared an interim dividend of KSh5 per share.

“The board recognises the importance of dividends to shareholders and believes in balancing returns with transformational investments for the business, whilst at the same time preserving strong capital ratios,” it said in a statement.