Standard Chartered Bank Kenya has released its financial results for Q3 ended 30th September, 2021.
The bank has posted a strong performance amid the economic effects of COVID-19, with net profit improving 47% year-on-year to register Ksh. 6.4 billion, up from Ksh. 4.3 billion.
Profit before tax was at Ksh. 8.9 billion, a 36% increase compared to Ksh. 6.6 billion registered in a similar period last year.
Customer deposits increased 1% to Ksh. 258 billion since 31st December, 2020, with funding quality remaining high with current and savings accounts making up 91% of total customer deposits.
Likewise, net interest income increased 3% to post Ksh. 14.7 billion with increased volumes, while non-interest income increased 19% to Ksh. 7.6 billion with strong performances in Wealth Management and Financial Markets.
The bank’s operating expenses were down 6% to Ksh. 10.7 billion from Ksh. 11.4 billion recorded the previous year, with underlying efficiencies funding continual investment in transformational digital initiatives.
Loan impairment also declined by 2%, with earnings per share increasing by Ksh. 5.36, a 48% increase, to Ksh. 16.49 compared to a similar period last year.
Standard Chartered Kenya Director have announced the payment of an interim dividend of Ksh. 5.00 for every ordinary share of Ksh. 5.00. The board expressed the importance of dividends to shareholders and believes in balancing returns with transformational investments for the business, whilst at the same time preserving strong capital ratios.
Commenting on the latest financial results, Stan Chart Kenya CEO Kariuki Ngari said, “We continue to transform the way we serve our customers through innovations and digitization. On the back of this, we delivered a strong performance in the third quarter of 2021 in what remained challenging conditions, with profit after tax improving 47% year-on-year. Income returned to growth, increasing 8%, with continued strong underlying business momentum.”