This archive report was first published on 25 August 2020.
Published on August 25, 2020, Standard Chartered Investment Services (SCIS) Limited's net profit declined slightly to KSh 241.7 million in the six months ended June 30, 2020.
The decline mirrors the downturn in the equities market and other virus-related disruptions that have affected the returns of many fund managers.
Interest income plummeted from KSh 39.5 million to KSh 7.6 million during the same period.
The firm's total income decreased to KSh 396.5 million from KSh 420.5 million, while total expenses declined from KSh 71.3 million to KSh 57.9 million.
Operating profit fell to KSh 338.5 million from KSh 349.2 million, and pre-tax profit declined to KSh 342.6 million from KSh 348.3 million.
Standard Chartered Investment Services offers a range of products, including wealth builder and wealth lending, and invests in fixed income securities and foreign currency.
The firm's balance sheet size shrunk to KSh 531.4 million from KSh 1.3 billion in H1, 2019, and total shareholders' funds declined from KSh 1.3 billion to KSh 500.9 million at the end of H1, 2020.
