Standard Chartered Bank Kenya have today released its financial results for the year ended 31 December 2022.
Net profit increased to Ksh. 12.1 billion as compared to Ksh. 9 billion in the same period in the previous year.
Operating income increased to Ksh. 34 billion from Ksh. 29.2 billion in the previous period. Operating expenses however rose to Ksh. 15.6 billion from Ksh. 14.5 billion in the previous year. The bank attributed this to inflation and increased investment in digital channels.
Kariuki Ngari, Chief Executive Officer, said: “We have delivered a strong set of results in 2022, with profit before tax up by 36 per cent, with business momentum driving top-line growth of 16 per cent. Our Wealth Management, Transaction Banking and Financial Markets products performed strongly. I am particularly pleased with our discipline around expenses that helped us navigate the inflationary pressures of 2022 but still allowing us room to invest in our digital capabilities. Our costs were up by 8 per cent in comparison to the double-digit growth in income of 16 per cent, enabling us to deliver a strong income-to-cost jaws of 8 per cent.”
Loans and advances to customers were up 11% reflecting increased business activities by clients. Deposits from customers continued to grow, up by 5% and funding quality remained high with current and savings accounts making up 93% of total customer deposits.
The board has recommended a final dividend of Ksh. 16 per share. This is in addition to the interim dividend of Ksh. 6 that was paid in December 2022.