Standard Chartered Bank Kenya has released its full-year 2022 financial results, revealing a rise in net profit by 34% to KES 12.1 Billion compared to KES 9 Billion last year.
Despite the obstacles encountered in the market, the bank accomplished a noteworthy expansion of its balance sheet and raised returns for shareholders.
The results show the resilence of our business despite of the very uncertain and challenging environment we are operating on.
Standard Chartered Bank Kenya CEO – Kariuki Ngari
The increase in net profit was linked to a rise in income of 16 per cent from KES 24.5 billion in 2021. This was due to favourable improved underlying credit metrics that led to reduced loan impairment charges. Additionally, strong Wealth Management momentum, transactional volumes and improved margins contributed to the growth of income.
Even so, expenses grew by 8 per cent year on year, reflecting inflationary impacts, Ukraine-Russia War and increased investment in digital capabilities.
Net customer loans and advances were up 11 per cent to KES 139 billion, reflecting the recovery of clients’ businesses.
Customer deposits also continued to grow by 5 per cent hitting KES 271.3 billion from KES 258.4 billion in 2021.
The improved performance saw the bank’s board of directors announce the payment of KES 22 per ordinary share for the year, which is an addition to the interim dividend of KES 6.00 paid in December 2022.
StandardChartered Bank 2023 Outlook
Standard Chartered Bank expects sustained resilience despite global and local headwinds. The focus is likely to be on fiscal consolidation and revenue mobilisation.
We remain vigilant of continued challenges to economic recovery. Sustained optimism about business activity supported by private sector resilience and impact of government interventions. We will continue to accelerate our journey to execute our refreshed strategic priorities and believe there are opportunities. We are confident we can deliver our strategy due to significant progress made so far and the 2022 momentum.
Standard Chartered Bank Kenya CEO – Kariuki Ngari
Read Also: Standard Chartered Profit Rises to KES 8.7 Billion on Higher Income
