Standard Chartered Bank Kenya has announced its full year results for the year ended 31 December 2023 which stands at Ksh. 13.8 billion. This represents a 15% increase from the Ksh. 12 billion the bank reported in the previous period.

Kariuki Ngari, Chief Executive Officer (CEO) of Standard Chartered Bank Kenya, said: “We delivered a strong performance in 2023 with Profit Before Tax up 15 per cent year on year to KES 19.7 billion. Our top line growth of 23 per cent benefitted from strong business momentum coupled with improved margins. Our continued investment in a strong digital proposition and the impact of inflation led to a 20 per cent rise in operating expenses. Loans and advances were up 17 per cent, while deposits grew by 23 per cent, demonstrating that we continue to provide value to our clients.

Net interest income increased 32% to Ksh. 29 billion due to growth in asset volumes and improved margins. Operating expenses increased 20% to Ksh. 18 billion reflecting the impact of inflation as well as increased investment spend on digital capabilities. Impairment losses on loans and advances also increased by Ksh. 2.1 billion

Loans and advances to customers were up 17% to Ksh. 163 billion with with non-performing loans ratio closing at 9.7%. Customer Deposits increased by 23% to Ksh. 342 billion.

The Standard Chartered Bank Kenya Board of Directors has recommended a final dividend payment of Ksh. 23.00 for every ordinary share of Ksh. 5.00. An interim dividend of Ksh. 6.00 was declared and paid in December 2023. This will bring the total dividend for the year to Ksh. 29.00 per ordinary share, which is 32 per cent higher than the 2022 dividend.

The final dividend will ratified by shareholders at the forthcoming Annual General Meeting (AGM).