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    BANKING & FINANCE

    Stanchart Kenya Reports 27% Profit in H1’2023

    MuindiBy Muindi2023-08-23Updated:2023-08-23No Comments2 Mins Read
    Standard Chartered Bank banner during the Stanchart nairobi Marathon preparations

    Standard Chartered Bank Kenya has announced its financial results for the period ended 30 June 2023, showing a strong profit before-tax growth of 27 per cent.

    The bank’s Chief Executive Officer, Kariuki Ngari, attributed the result to strong top-line growth of 34 per cent from both businesses, Wealth Management and Financial Markets, and Retail products. 

    Kariuki also said the bank managed to control its operating expenses, which grew by 17 per cent, resulting in a healthy cost-income ratio of 17 per cent.

    However, he noted that the loan impairment charge increased by Ksh 1.9 billion, reflecting a volatile and challenging macroeconomic environment.

    He said the bank’s asset quality remained resilient and its deposit growth continued in its current and savings accounts. 

    He added that the external environment remains challenging, but the bank remains committed to supporting its clients through this period.

    “We are conscious of our external macroeconomic headwinds, both global and local. With inflation starting to cool off and the measures being taken by both the monetary and fiscal authorities to stabilise our economy, we are optimistic of a better external environment in the second half of the year,” he said in an emailed statement.

    Standard Chartered Bank Kenya Financial performance summary

    2023 vs 2022
    KShs million 30.06.2023 30.06.2022 Better/(Worse)
    %
    Net interest income 13,851 10,014 38
    Non funded income 7,027 5,542 27
    Total operating income 20,878 15,556 34
    Operating expenses (9,198) (7,879) (17)
    Loan impairment (2,036) (108) (1,785)
    Profit before tax 9,644 7,569 27
    Tax (2,735) (2,159) (27)
    Profit after tax 6,909 5,410 28
    EPS 18.07 13.87 30
    Increase/
    KShs million 30.06.2023 31.12.2022 (Decrease)
    Balance Sheet %
    Loans and advances to customers 145,444 139,413 4
    Customer deposits 283,668 278,879 2
    Loans to deposits ratio 51% 50%
    Capital
    Core capital 48,288 42,133
    Core capital ratio 16.87% 15.36%
    Total capital 49,398 47,404
    Total capital ratio 17.26% 17.28%

    Standard Chartered Launches 20th Edition of Nairobi Marathon


     

    Muindi
    Muindi

    Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.

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