Standard Chartered Bank has reported a 37 percent rise in profit after tax to Sh8.7 billion.
This is for the nine months period.
The lender attributes the profit growth to higher growth in non-funded income which increased 16pc to Ksh 8.8 billion from Ksh 7.6 billion recorded over the same period last year.
On the other hand, net interest income surged to Ksh 15.8 billion from 14.7 billion, a 7pc increase.
As a result, total operating income increased 10pc to Ksh 24.6 billion from Ksh 22.3 billion backed by growth in asset volumes and favourable market movements.
“Healthy business momentum continues to drive growth with income up 10pc. Costs increased 9pc because of inflationary pressure as well as investment spend, whilst expected credit losses have significantly reduced year-on-year. We have achieved this performance by actively supporting our clients in an increasingly unpredictable operating environment,” said Kariuki Ngari, StanChart Chief Executive Officer.
During the period, operating expenses increased to Ksh 11.6 billion from Ksh 10.7 billion on account of high inflation, increase in amortisation charges as well as increased investment spend on digital capabilities.
StanChart also had its loan book expand 8pc as net loans and advances totaled Ksh 136.1 billion compared to Ksh 126 billion issued last year.
However, loan impairment declined by 77pc as a result of improved repayments among customers.
The lender also recorded improved customer deposits which increased 8pc to Ksh 286.1 billion.
The bank’s board has approved the payment of an interim dividend of KSh 6 for every ordinary share of Ksh 5.
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