Standard Chartered registers an improved Ksh. 6.3 billion net profit


Standard Chartered Kenya has announced a net profit of Ksh. 6.3 billion for the nine month period ending September 2018. The bank registered a net profit of Ksh. 4.7 billion in the same period in 2017.

The bank attributed the profit to higher revenue from government securities, fees and commissions and a reduced provision for bad loans.

Investment in government securities gave them an income of Ksh. 9.5 billion which is an increase of 15% despite a reduced investment of 105.5 billion down from Ksh. 115.5 billion in 2017. They also cut their bad loans provisions to Ksh. 1.88 billion from Ksh. 3.73 billion in 2017.

Interest income however dropped 2% to stand at Ksh. 9.9 billion. Interest expenses rose by 2% to Ksh. 5.76 billion while operating expenses reduced by 6.7 per cent to Ksh. 12.4 billion. Loans also reduced to Ksh. 114.2 billion.

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