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Standard Chartered Bank of Kenya’s profit after tax for Q1 2019 grew by 31.2% to Ksh2.4 Billion. Non-interest revenue for the period grew by 5.6% to 2.4 Billion while net interest income grew by 2.8% to Ksh5 Billion compared to a similar period in 2018.
Key Highlights
- Total assets increased by 2.5% to Ksh 301.4 Billion
- Provisions reduced by 61% to Ksh 415.1 Million
- Investment in government securities went down by 7% to Ksh104.2 Billion
- Net loans grew by 3.3% to Ksh117.6 Billion
- The company also recorded a 0.3% increase in deposits to Ksh232.8 Billion
Speaking at the AGM during the release of the Q1 results, Stanchart CEO Mr Kariuki Ngari emphasized that the bank is keen to take up a leadership role using their global connections to help businesses and individuals in Kenya to fully participate in economic prosperity.
“We continue supporting key infrastructure projects and creating new networks with businesses across the different trade corridors mainly across Africa, China and India.” Noted Mr Ngari.
This comes after the bank pledged Sh 2 Trillion to Finance Belt and Road Initiative.
