{"id":107453,"date":"2023-11-23T17:18:09","date_gmt":"2023-11-23T17:18:09","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/stanchart-defies-bad-loans-hurdle-posts-q3-profit-rise"},"modified":"2023-11-23T18:01:21","modified_gmt":"2023-11-23T18:01:21","slug":"stanchart-defies-bad-loans-hurdle-posts-q3-profit-rise","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/stanchart-defies-bad-loans-hurdle-posts-q3-profit-rise","title":{"rendered":"Stanchart defies bad loans hurdle, posts Q3 profit rise"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Loan impairment for the period under review grew to Sh1.8 billion from Sh621 million, the same period last year.<\/p>\n

\u201cThis saw the loan impairment charge increase by Sh1.2 billion, reflecting the current challenging macro-economic environment,\u201d Ngari said.<\/p>\n

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.<\/p>\n

The lender also announced the approved interim dividend pay of Sh6.00 to its ordinary shareholders.<\/p>\n

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.<\/p>\n

Operating expenses were up 20 per cent from increased staff costs and continued investment in transformational initiatives, inflationary pressure, and impact of currency depreciation.<\/p>\n

Customer deposits recorded a seven per cent increase from 31 December 2022.<\/p>\n

\u201cFunding quality remains high with current and savings accounts making up to 95 per cent of total customer deposits,\u201d the lender says in a statement.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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, […]<\/p>\n","protected":false},"author":84,"featured_media":107451,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-107453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nStanchart defies bad loans hurdle, posts Q3 profit rise - kenya<\/title>\n<meta name=\"description\" content=\"Standard Chartered profit after tax for the nine months to September 2023 grew by 11.4 per cent to Sh9.7 billion, defyin ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/stanchart-defies-bad-loans-hurdle-posts-q3-profit-rise\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stanchart defies bad loans hurdle, posts Q3 profit rise\" \/>\n<meta property=\"og:description\" content=\"Standard Chartered profit after tax for the nine months to September 2023 grew by 11.4 per cent to Sh9.7 billion, defyin ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/stanchart-defies-bad-loans-hurdle-posts-q3-profit-rise\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-23T17:18:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-23T18:01:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/11\/sm_1700749731.260785.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"540\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/stanchart-defies-bad-loans-hurdle-posts-q3-profit-rise#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/stanchart-defies-bad-loans-hurdle-posts-q3-profit-rise\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Stanchart defies bad loans hurdle, posts Q3 profit rise\",\"datePublished\":\"2023-11-23T17:18:09+00:00\",\"dateModified\":\"2023-11-23T18:01:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/stanchart-defies-bad-loans-hurdle-posts-q3-profit-rise\"},\"wordCount\":260,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/stanchart-defies-bad-loans-hurdle-posts-q3-profit-rise#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/11\/sm_1700749731.260785.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/stanchart-defies-bad-loans-hurdle-posts-q3-profit-rise#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/stanchart-defies-bad-loans-hurdle-posts-q3-profit-rise\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/stanchart-defies-bad-loans-hurdle-posts-q3-profit-rise\",\"name\":\"Stanchart defies bad loans hurdle, posts Q3 profit rise - 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