Home Business Standard Chartered third quarter profit up 12pc to Ksh 9.7B

Standard Chartered third quarter profit up 12pc to Ksh 9.7B

Justice John Chigiti ruled that the bank did not satisfy the court that the tribunal’s decision was materially influenced by an error finding no reason to review the administrative action as provided for under Section 7(2) of the Fair Administration Action Act.

Standard Chartered Bank has reported a 12pc growth in profit after tax for the nine months period of this year to September backed by stronger income growth from loan interests.

The bank net profit grew from Ksh 8.7 billion reported last year to Ksh 9.7 billion supported by a 35pc increase in net interest income from loans increased short term investments in money markets, and improved margins.

“We have delivered a solid set of results for the nine months ended 30 September 2023 with Profit before Tax (PBT) increasing 11pc year on year. Strong top line growth of 20pc mitigated growth in operating costs of 20pc attributed to inflationary pressure and investment spend on our digital capabilities,” said Kariuki Ngari, StanChart Chief Executive Officer.

Total operating income rose from Ksh 24.6 billion to Ksh 29.4 billion during the period under review.

Net interest income increased by more than Ksh 5 billion to Ksh 21.2 billion on the backdrop of higher loans and advances which surged by 3pc to Ksh 143.6 billion from Ksh 139.4 billion reported last year.

“Loan impairment charge has increased by Ksh 1.2 billion reflecting the current challenging macro-economic environment. The external environment remains complex, but we remain steadfast in providing strong support for our clients through this period,” added Ngari.

Customer deposits recorded a 7pc increase from December 2022 to stand at Ksh 298.8 billion.

StanChart board has approved the payment of an interim dividend of Ksh 6 to ordinary shareholders.

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