NAIROBI, Kenya August 16 — Standard Chartered Bank Kenya has posted a Sh5.4 billion net profit for the first half of the year, an 11 per cent growth from Sh4.8billion posted in the same period last year.
The improved performance was on the back of increased net income and strong performance in the bank’s wealth management and financial markets products.
The lender’s net interest income increased 10 per cent to Sh10billion due to higher asset volumes and an expansion in net interest margin.
Non-interest income increased 11 per cent to Sh5.5billion with strong performance in Wealth Management and Financial Markets products.
“We have delivered a strong set of results for the first half of the year with income up 10 per cent. We have achieved this by actively supporting our clients in what continues to be a difficult operating environment,” said Kariuki Ngari, Standard Chartered Bank Kenya, Chief Executive Officer.
Customer sentiment saw Wealth Management volumes grow to deliver income growth of 25 per cent compared to the first half of 2021.
Assets Under Management in this business grew by 12 per cent year-on-year on the back of favourable market movements.
Operating expenses were up 18 per cent to Sh7.9billion from higher investment spend as we continue to develop transformational digital capabilities.
Loan impairment declined by 83 per cent.
Stan Chart earnings per share (EPS) improved to Sh13.87 from Sh12.69 subsequent to the profit rise.
Even so, the bank’s board of directors did not issue an interim dividend for the period.
