Standard Chartered Bank Kenya Limited has today announced it has reported a Ksh. 10.2 billion net profit for the for the period ended 30 June 2024. This is an increase from the Ksh. 6.9 billion the bank registered in a similar period last year.
Total Interest income stood at Ksh. 15 billion for the period under review. This is a reduction from the Ksh. 19 billion the bank reported in 2023. Income from loans and advances took a hit reducing to Ksh. 8 billion from Ksh. 11 billion in 2023. Income from government securities and deposits in other banking institutions stood at Ksh. 4.8 billion and Ksh. 2.5 billion.
Kariuki Ngari, Chief Executive Officer, said: “We delivered a strong set of results for the first half of the year with profit before tax up 50 per cent to Ksh. 14.5 billion. Our top-line recorded growth of 25 per cent, supported by continued momentum that saw strong growth in Non funded income ( NFI) from increased transactional volumes, as well strong net interest income. Good cost discipline has enabled us to generate significantly positive cost-income jaws of 16 per cent. Our business remains well capitalised, highly liquid with a high-quality funding mix which has allowed us to support clients during the period. We continue to actively manage our credit portfolio, remaining alert to a volatile and changing environment.”
Total operating expenses stood at Ksh. 11.2 billion which is a slight increase from the Ksh. 11.5 billion that the bank reported in the previous period. Loan loss provision increased by Ksh. 500 million to Ksh. 2 billion, while staff costs decreased to Ksh. 4 billion.
The board of directors of Standard Chartered have announced an interim dividend of Ksh. 8.00 for every ordinary share of Ksh. 5.00. It will be paid to shareholders on the register as at the close of business on 18 September 2024 and will be paid on or about 8 October 2024.