Africa-Press – Kenya. Standard Chartered profit after tax for the nine months to September 2023 grew by 11.4 per cent to Sh9.7 billion, defying the tough macro-economic environment.
This is from Sh8.7 billion reported the same period last year, majorly attributed to the increase in interest income which grew 35 per cent to Sh21.2 billion, from Sh15.7 billion.
According to the bank’s CEO Kariuki Ngari, the bank has managed to deliver growth in profits despite the challenging environment that has seen the rise in bad loans.
Loan impairment for the period under review grew to Sh1.8 billion from Sh621 million, the same period last year.
“This saw the loan impairment charge increase by Sh1.2 billion, reflecting the current challenging macro-economic environment,” Ngari said.
He added that the external environment still remains complex but the lender is committed to remain steadfast in providing strong support for clients through this period.
The lender also announced the approved interim dividend pay of Sh6.00 to its ordinary shareholders.
Non-interest income from client activities was up 36 per cent, underpinned by increased digital investments driving growth in transactions volume, and foreign currency trading.
Operating expenses were up 20 per cent from increased staff costs and continued investment in transformational initiatives, inflationary pressure, and impact of currency depreciation.
Customer deposits recorded a seven per cent increase from 31 December 2022.
“Funding quality remains high with current and savings accounts making up to 95 per cent of total customer deposits,” the lender says in a statement.
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