Standard Chartered Bank Kenya has posted a net profit of KES 8.7 billion in the nine months ended September 2022, a 37 per cent jump compared to the KES 6.3billion posted in the same period last year.
The lender attributed the growth to increased incomes on asset volumes growth and expansion in net interest margins.
Operating income in the bank grew by 10 per cent to KES 24.5 billion from KES 22.2 billion in Q3 2021.
Even so, operating expenses grew by 9 per cent to KES 116 billion, reflecting the impact of inflation, increase in amortization charges as well as increased investment spending on digital capabilities.
“We have achieved this performance by actively supporting our clients in an increasingly unpredictable operating environment,” Kariuki Ngari, Standard Chartered Bank CEO.
In the period, loan impairment declined by 77 per cent to KES 621 million from KES 2.68 billion as the economic environment rebounded.
Net customer loans and advances were up 8 per cent to KES 136 billion, reflecting the recovery of clients’ businesses.
Customer deposits also continued to grow to hit KES 286.1 billion from KES 258.4 billion.
The improved performance saw the bank’s board of directors announce the payment of an interim dividend of KES 6.00 for every ordinary share of KES 5.00 for the period.