Standard Chartered Bank of Kenya has posted a 30.3% increase in its half year 2018 net earnings to Ksh 4.5 billion on the back of a decent 7.5% growth in net interest income to Ksh 9.8 Billion boosted by interest income from government paper.
Total operating income went up by 9% to Ksh 14.66 billion from Ksh 13.45 billion in the same period last year. Non-interest income grew by 12% to Ksh 4.8 billion as foreign exchange income went up to Ksh 1.4 billion. Gross fees and commission from digital banking grew by 36%.
Customer deposits declined 3% to Ksh 230.8 billion. Staff costs rose by 1.9% to Ksh 3.3 billion while other operating expenses increased by 27.5% to Ksh 2.6 billion.
The bank’s Non Performing Loans ratio increased from 14% to 16% which is above industry average of 12% in 2018.
