Standard Chartered Bank Kenya will pay shareholders a total dividend of KSh 45 per ordinary share—55% higher than 2023—after reporting a 45% leap in net profit for 2024 to KSh 20.06 billion from KSh 13.83 billion in 2023.
- •The lender has announced a final dividend of KSh 37 for every ordinary share of KSh 5.00 after their Annual General Meeting (AGM)—in addition to the interim dividend of KSh 8 paid out in October last year.
- •Higher interest income and strong gains from foreign exchange trading helped drive earnings growth—with interest income rising 20% to KSh 38.81 billion, fueled by a rise in loan and bond yields.
- •Despite strong profitability, the bank’s balance sheet contracted, with total assets shrinking to KSh 384.57 billion from KSh 428.96 billion, customer deposits falling to KSh 295.69 billion from KSh 342.85 billion, and loans to customers declining to KSh 151.64 billion from KSh 163.16 billion.
“We delivered a record performance in 2024 with profit before tax up 43% driven by strong topline growth, good business momentum and excellent execution of our strategy of combining differentiated cross-border capabilities for corporate and institutional clients with leading wealth management solutions for affluent clients,” Standard Chartered Kenya CEO and MD, Kariuki Ngari said.
Income from loans and advances rose to KSh 22.83 billion from KSh 18.12 billion in 2023, while revenue from government securities increased to KSh 9.75 billion from KSh 8.26 billion. Non-interest income surged to KSh 17.41 billion from KSh 12.40 billion in 2023, as foreign exchange trading brought in KSh 8.26 billion, calcifying its role as a key revenue driver for the lender.
“We managed our costs well delivering significant positive income-to-cost jaws of 13 per cent,” he added.
The bank’s operating expenses rose marginally to KSh 22.46 billion as staff costs increased to KSh 9.05 billion from KSh 7.82 billion. Meanwhile, loan loss provisions fell to KSh 2.38 billion from KSh 3.37 billion, while non-performing loans dropped to KSh 12.02 billion from KSh 17.22 billion— a 30% decline.
The bank maintained a strong capital position in 2024—with core capital increasing 5.6% to KSh 58.76 billion, up from KSh 55.65 billion in 2023.
The bank sees growing Middle Eastern investment in Africa as a key opportunity, leveraging its global network to attract capital flows. Currently, the region only accounts for 3% of the lender’s network—smaller than Africa at 9%, America at 23%, and Europe at 53%.
At the same time, it is preparing for potential geopolitical shifts, including the impact of a second Trump presidency on global financial markets. To capitalize on these shifts, the bank is focusing on digital transformation and personalized wealth solutions, with a strong push toward self-service banking. In 2024, investment in digital capabilities went up 8% Y-o-Y.
According to the CEO—Ngari—the bank will double down on its focus on the Corporate Investment Business (CIB) and Wealth & Retail Banking (WRB). He is optimistic about macroeconomic stability occasioned by the stable shilling and low inflation, as well as the Central Bank’s Decision to slash interest rates.
