Standard Chartered records new high profits amid non-interest income

Standard Chartered Bank Kenya has reported a 46.6 net percentage profit growth in the recent nine months ended September even after facing lower costs and higher non-interest income.

Its net earnings in the said nine months period is recorded at Sh6.3 billion. This is up from Sh4.3 billion from the previous year

StanChart has announced to his customers an interim dividend of Sh5 per share. This signals its confidence about the economic outlook amid lifting of most restrictions that are targeted to prevent the spread of the Covid-19 pandemic.

“The directors are pleased to announce the payment of an interim dividend of Sh5 for every ordinary share,” the lender said in a statement.

“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.”

The dividend will be paid on December 29 to shareholders who will be on the register as of December 7.

The bank was among the big lenders including KCB  and Absa Bank Kenya  which had suspended their tradition of paying interim dividends as the health crisis unfolded.

StanChart’s interim dividend indicates that its total payout for the year ending December could surpass 2020’s distribution of Sh10.5 per share. The bank’s non-interest income jumped 19.1 percent to Sh7.5 billion, driven by improved performances in wealth management and financial markets.

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