Standard Chartered Bank of Kenya has reported a Ksh. 2.7 Billion for the first three months of the year. This represent a 16% rise in profitability as compared to a similar period last year when the bank netted a Ksh. 2.3 Billion net profit.
The rise in profitability was on the back of a 7% rise in the net interest income from Ksh. 4.6 Billion in 2021 to Ksh. 4.9 Billion. This led to a 5% rise in the total operating income from Ksh. 7 Billion to Ksh. 7.4 Billion.
On the other hand total operating expenses reduced by 5% from Ksh. 3.6 Billion to Ksh. 3.4 Billion. This was on the back of a 121% reduction in the loan loss provision from Ksh. 413 Million to Ksh. 86 Thousand.
Net loans and advances to customers stood at Ksh. 3 Billion with the asset quality remaining stable. Customer deposits remained flat from 31 December 2021 at KShs 265 billion.
The liquidity ratio stood at 72% which is well above the regulatory threshold of 20%. Total capital ratio stood at 17.62% which is above the regulatory minimum.