Standard Chartered Bank Kenya has recorded a marginal increase in profit of KSh 8.2 billion compared to KSh 8.1 billion the previous year.
Its balance sheet grew in size grew from KSh 285 billion to KSh 302 Billion while net loans and advances to customers increased from KSh 118.7 billion to KSh 128.7 billion.
In the period when there are several mergers and acquisitions in the banking sector, Stanchart is among the few big lenders that has not expressed any interest in the binge.
Customer deposits of the corporate bank increased from KSh 285.4 billion to KSh 302.1 billion at the end of the financial year ended 31st December 2019.
Interest on loans and advances remained flat with a marginal increase from KSh 13.1 billion to KSh 13.4 billion even as the rate cap law took a toll on the domestic credit market.
Earnings from investment in Government paper declined to KSh 12.6 billion to KSh 10.6 billion while total interest income also declined from KSh 26.8 billion to KSh 25. 3 billion.
Stanchart Bank provisions for loan loss went up to KSh 1.9 billion from KSh 572.6 million the previous financial year.
The Group’s non-performing loans declined to KSh 1 billion from 2.6 billion as the credit provider moved to aggressively clean up its balance sheet.
Stanchart Bank Kenya Limited is a subsidiary of the British multinational financial conglomerate headquartered in London, United Kingdom, known as Standard Chartered. Mr. Patrick Obath is the Board Chairman with Mr. Kariuki Ngari as the Chief Executive Officer, Its subsidiaries are Standard Chartered Investment Services Limited and Standard Chartered Insurance Agency Limited (Kenya).
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