Standard Chartered Bank Kenya registered a 49 per cent jump in profits after tax to KSh 10.9 billion in the first half of 2024 from KSh 6.9 billion driven by strong growth in operating income and non-interest income.
Key Financial Highlights
- Net Profit: Ksh10.9 billion (up 49%)
- Total Operating Income: Ksh26.1 billion (up 24.9%)
- Net Interest Income: Ksh16.5 billion (up 19.3%)
- Non-Interest Income: Increased by 36%
- Operating Expenses: Increased by 3.1%
- Gross Non-Performing Loans: Decreased by 42.9%
- Loan Loss Provision: Decreased by 23%
- Net Loans and Advances: Decreased by 8%
- Customer Deposits: Decreased by 19%
“Good cost discipline has enabled us to generate significantly positive cost-income jaws of 16 per cent. Our business remains well-capitalized and highly liquid with a high-quality funding mix which has allowed us to support clients during the period. We continue to actively manage our credit portfolio, remaining alert to a volatile and changing environment.” Kariuki Ngari, Chief Executive Officer (CEO) of Standard Chartered Bank (Kenya) said.
Positive Outlook
The bank’s strong financial performance is attributed to effective cost management, a well-capitalized balance sheet, and a focus on improving asset quality.
Despite challenging economic conditions, Standard Chartered Kenya remains committed to optimizing its financial performance and supporting its customers.
The bank has declared an interim dividend of Ksh8 per share for every ordinary share of KShs 5.00, payable on October 8, 2024.
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