Fund Management firm, Standard Chartered Investment Services (SCIS) Limited’s Net Profit declined slightly to KSh 241.7 Million in the six months ended 30th June 2020. This is compared to KSh 242.6 Million realized at the end of H1, 2019.
Performance of SCIS mirrors the downturn in the equities market and other virus-related disruptions that have hit the returns for many fund managers.
Interest income, declined significantly from KSh 39.5 Million to KSh 7.6 Million at the end of the six months ended 30th June 2020.
The firm’s Total Income declined to KSh 396.5 Million from KSh 420.5 Million while total expense declined from KSh 71.3 Million to KSh 57.9 Million.
Operating profit fell to KSh 338.5 Million from KSh 349.2 Million during the period under consideration while pre-tax profit declined to KSh 342.6 Million from KSh 348.3 Million.
Offering products such as Wealth builder, Wealth lending while also investing in Fixed income securities and foreign currency, the balance sheet size of Standard Chartered Investment Services shrunk to KSh 531.4 Million from KSh 1.3 Billion in H1, 2019.
The fund manager also cut down on its investment in Government securities from KSh 619.7 Million to nil. Total shareholders funds declined from KSh 1.3 Billion to KSh 500.9 Million at the end of H1, 2020.
Standard Chartered Investment Services Limited offers mutual funds, local bonds, offshore bonds and other financial products that provide the flexibility in choosing those that matches one’s liquidity need and risk appetite.
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