StanChart Bank Kenya (SCBK), a local lender with its headquarters in the United Kingdom, recorded a Net Profit of KSh 6.36 Billion at the end of the first nine months of this year, compared to KSh 4.3 Billion in Q3, 2020, an increase of KSh 46.7%.
The lender cut loan loss provisions from KSh 2.7 Billion in Q3, 2020 to KSh 2.6 Billion, a slight decline of 1.61% as customers struggle to repay their loans with the easing of COVID-19 restrictions.
StanChart Bank Kenya’s loan book remained flat at KSh 131.7 Billion during the period under review while customer deposits rose from KSh 242.8 Billion to KSh 258.4 Billion at the end of September 2021.
Net Interest Income of StanChart was also up from KSh 14.3 Billion in Q3, 2020 to KSh 14.7 Billion at the end of the first nine months of this year. Total Operating Income rose from KSh 20.7 Billion to KSh 22.3 Billion during the period under consideration, an increase of 7.84%
Basic and Diluted Earnings per Share, which is a measure of a firm’s profitability improved from KSh 11.13 in Q3 2020 to KSh 16.49, a change of 48.16%.
SCBK pre-tax profit improved by 35.53% from KSh 6.6 Billion to KSh 8.9 Billion during the period under consideration.
The lender cut its investment in Government securities by 8.12% from KSh 102.3 Billion in Q3 2020 to KSh 94 Billion at the end of September 2021. The Balance sheet size grew from KSh 314.4 Billion to KSh 330.7 Billion, a growth of 5.19%.
Total Shareholders Equity, what owners would get if StanChart Bank Kenya was liquidated, increased by 5.77% from KSh 50.2 Billion to KSh 53.1 Billion in Q3, 2021.
SCBK Directors have proposed to pay a dividend amounting to KSh 1.97 Billion to shareholders compared to nil payment in Q3, 2020.
ALSO READ: StanChart Half-year Net Earnings Rise 50% to KSh 4.8 Billion
