Standard Chartered Bank has announced that it has reported a Ksh. 4.7 billion net profit for the half year ended 30th June 2019. The bank reported a Ksh. 4.4 billion net profit in the same period in 2018.

Total income during the period reduced slightly to Ksh. 14.5 billion from Ksh. 14.6 billion in the same period last year. Income included investment in loans and advances at Ksh. 6.7 billion, government securities at Ksh. 5.4 billion and customer deposits at Ksh. 2.6 billion.

Expenses reduced slightly to Ksh. 7.6 billion from Ksh. 8 billion in 2018. The expenses included staff costs at Ksh. 3.5 billion, loan provision at Ksh. 378 million,and rental charges at Ksh. 154 million.

Total assets of the bank reduced to Ksh. 247 billion from Ksh. 251 billion during the same period in 2018. Total liabilities decreased to Ksh. 247 billion from Ksh. 251 billlion in 2018.

The board of directors have announced an interim dividend of Ksh. 5 per ordinary share. They have also announced an interim dividend for preference shares at 6% per annum on the issue price of each share. Both dividends will be on or after 30th October 2019.

New developments from the bank during the period include the launch of a digital account opening product on its app. New customers are now able to open accounts from the Standard Chartered Bank app and thereafter they are able to transact from it. The app is available on the Google play store and the Apple store. Through the app, customers are able to open bank accounts remotely and then upload all required supporting documents on the app. Customers will be able to access over 68 services including; updating account information, activate or stop your Card, bill payments; stop or block a cheque, fixed deposit creation and termination, funds transfer locally and internationally among others.

It has been a challenging year for the economy in Kenya and it is telling from these financial results that some banks are feeling the heat.