Net profit of Standard Chartered Bank Kenya Limited declined to KSh 2 billion in the first quarter of 2020 from KSh 2.4 billion booked in the first quarter of 2019.
The lender recorded a decline in income from lending activities as well as fees and commissions. Interest Income declined to KSh 6.1 Billion from KSh 6.4 Billion in 2019 while income from fees and commissions fell to KSh 73.5 Million from KSh 76.4 Million during the period under review.
The lender’s balance sheet grew from KSh 301.4 Billion to KSh 311.5 Billion in Q1, 2020. Loans to customers increased from KSh 117.6 Billion to KSh 125.5 Billion.
Provisions for loan losses increased from KSh 415.1 Million to KSh 428 Million while customer deposits rose from KSh 232.8 Billion to KSh 243.6 Billion.
Pretax profit declined from KSh 3.5 Billion to KSh 2.9 Billion.
In a public notice to its shareholders, the Board of Standard Chartered Bank said they will not pay the dividend announced earlier.
It has also indefinitely postponed its 34th Annual General Meeting(AGM) due to the ban on social gatherings as part of COVID-19 containment measures.