Standard Chartered bank of Kenya has issued a profit warning for the full year period ended 31st December 2017 as profit before tax for the nine months of the year dropped by 38 percent to Ksh 4.4 billion.
Net interest income for the Group fell slightly from Sh 19.7 Billion in Q3 last year to Sh 19.4 Billion as of 30th September 2017. Non interest income fell from Sh 6.6 Billion last year to Sh 6.4 Billion.
Total operating income fell by Sh 1.4 Billion to Sh 20.18 Billion while other operating expenses increased by nearly Sh 3 Billion to Sh 13.32 Billion.
The lender projects Full year earnings for the period ended 31st December 2017 to fall by at least 25% on the back of two factors; Increased non performing loans during the year and the effects of the rate caps introduced last year. and the economic slow down as a result of the pro-longed electioneering period.
