Standard Chartered Bank Kenya CEO Kariuki Ngari [Photo: Business Today]
Standard Chartered Bank Kenya posted a 10.2 percent rise in profit in the first six months of 2022, to 5.4 billion shillings from.4.9 billion shillings recorded during a similar period in 2021.
This is attributed to higher operating income which improved by 10.6 percent to 15.6 billion shillings from 14.1 billion shillings.
“We have delivered a strong set of results for the first half of the year with income up 10 per cent. We’ve seen healthy business momentum driving top-line growth with double-digit growth in net interest income and strong performance in Wealth Management and Financial Markets products,” Standard Chartered CEO Kariuki Ngari.
Stan Chart’s non-interest operating expenses paced up by 9.6 per cent to Ksh.8 billion.
This is irrespective of an 83 per cent deceleration in loan-loss provision costs to Ksh.108.2 million from Ksh.638.5 million.
The lower provisions for potential loan-defaults is anchored on a slight downturn in bad loans with the lender’s gross non-performing loans (NPLs) registering a slight dial-down to Ksh.22.7 billion from Ksh.22.9 billion in June 2021.
Net interest income was up by 9.9 percent at 10 billion shillings from 9.1 billion shillings.
Non-interest funded income was higher by 10 per cent at 5.5 billion shillings.
The bank’s management also says, its earnings per share improved to 13.87 shillings from 12.69 shillings subsequent to the profit rise.
The bank’s customer deposits grew by 3.1 per cent to Sh286.9 billion from Sh278.2 billion.