Standard Chartered Reports 70pc Jump In Profit

[Photo: Business Times Kenya]

Standard Chartered Bank Kenya has reported a 70 percent jump in profit before tax in its 2021 full-year earnings.

This marks the highest rate in five years driven by lower costs and resilient income.

The bank’s Chief Finance Officer Chemutai Murgor says the firm’s net interest income decreased 2 percent with increased volumes more than offset by lower average yields, and the total operating income increased 6 percent.

“Looking at our Balance Sheet, we are happy that it remains strong and highly liquid. Loans and advances to our clients increased by 4 percent. The overall asset quality remained stable,” Murgor said.

Over the same period, the bank’s non-interest income also increased by 25 percent.

This comes after the bank recently launched a money market fund that allows users to save from as low as 1,000 shillings, earn competitive returns and make withdrawals at any given time.

The SC shilingi fund aims at driving financial inclusion by providing fiscal access to savings and investments

The product is available on the SC Mobile app and allows one to invest flexibly.

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