StanChart Kenya recorded a Net Profit of KSh 2.8 billion at the end of March this year, compared to KSh 2.4 billion over a similar period last year, an increase of 16.66%.
The Nairobi listed lender recorded a rise in the size of its balance sheet from KSh 339.3 billion in Q1, 2021 to KSh 340.9 billion in Q1, 2022.
Customer Deposits remained flat, rising from KSh 265.2 billion in Q1 2021 to KSh 265.4 billion at the end of the first quarter of this year.
Total interest income, derived mainly from loans to customers and the sale of Government paper, increased from KSh 5.6 billion to KSh 5.7 billion during the period under review.
The lender, controlled and owned by UK’s Standard Chartered Plc, said in a statement that its Net Interest Income rose 7% to KSh 4.92 billion, while loan impairments fell 121% to KSh 86 million.
StanChart Kenya’s Non-Interest Income from fees and commissions, forex trading, dividends and others increased from KSh 7.1 billion to KSh 7.4 billion at the end of March 2022.
StanChart Kenya increased net loans to customers from KSh 117.9 billion in Q1 2021 to KSh 128.1 billion in Q1 2022.
StanChart Kenya Regional Network
StanChart Kenya hosts the regional Shared Service Centre supporting the Bank’s technology operations in Uganda, Tanzania, Zambia and Botswana and South Africa on a real-time basis.
The lender’s total operating income grew from KSh 7.1 billion in Q1 2021 to KSh 7.4 billion in Q1 2022, while pre-tax profit increased from KSh 3.4 billion to KSh 3.9 billion in the first quarter of this year, helped by rising interest income and a drop in loan impairments.
StanChart Kenya staff costs increased from KSh 1.6 billion in Q1 to KSh 1.7 billion in Q1 2022.
The lender’s profitability, as per Earnings per Share, improved from KSh 6.22 in Q1 2021 to KSh 6.87 in Q1 2022.
However, StanChart Kenya’s Gross Non-performing loans remain high and increased from KSh 22.3 billion in Q1 2021 to KSh 22.6 billion in Q1 2022.
The lender has already notified its shareholders of an upcoming virtual 36th Annual General Meeting (AGM) on Wednesday, 25 May 2022 at 11:00 a.m.
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