Standard Chartered Bank Kenya has reported a Ksh. 9 Billion net profit for the year ended 31st December 2021 which is a 66.2% rise from a similar period last year.

The rise in profitability was as a result of a 24.9 percent growth in non-interest income  to Sh10.3 billion on strong performance in the wealth management unit. while operating expenses dropped 19.6 percent to Sh16.6 billion. However, net interest income from loans and advances dropped by 1.6 percent to Sh18.8 billion amid the continued impact of the pandemic on corporate clients and lower average yields in the fixed income assets.

At the same time, operating expenses dropped 19.6 percent to Sh16.6 billion. Customers’ net loans and advances grew by 3.7 percent to Sh125.9 billion, while deposits rose by 3.5 percent to 265.5 billion over the period.

The bank announced a Ksh. 14 final dividend per share, bringing the total payout in the year to Sh7.17 billion, equivalent to Sh19 per share. The dividend will be 80.6 percent higher than the Sh3.97 billion paid in 2020.

Kariuki Ngari, Chief Executive Officer, had this to say,  “2021 was an exceptional year for the Bank despite the ongoing pandemic driven challenging conditions with profit before tax improving 70 per cent. Income returned to growth after the dip last year occasioned by the impact of the pandemic, increasing 7 per cent with strong underlying business momentum. We continue to transform how we serve our customers through innovations, partnerships and digitisation whilst maintaining a tight control on expenses with underlying efficiencies funding continual investment. Loan loss provision reduced as we worked closely with our clients to support them manage through the pandemic. The Bank remains well capitalised, with a highly liquid balance sheet, with total capital ratio of 17.76 per cent and a liquidity ratio of 71 per cent respectively.”