This archive report was first published on 20 November 2019.
Standard Chartered Posts KSh 6.2 Billion Profit for First Nine Months of 2019 ¶
Standard Chartered Bank Kenya Limited has announced a KSh 6.2 billion profit after tax for the first nine months of 2019, a marginal drop of 1.8% from KSh 6.31 billion in a similar period in 2018.
The bank's operating expenses rose by 12% driven by investments in technology, cyber security, and staff. Its net interest income, however, remained flat at KSh 7 billion due to compressed margins impacted by a slowdown in corporate finance.
Standard Chartered CEO Kariuki Ngari credited the bank's profit to its digital investments, which accounted for over 80% of transactions. The bank's digital services and products have been positively received by clients, with over 70 services and products available on its mobile app.
Ngari noted that close to 90% of corporate clients are utilizing the bank's Straight2Bank platform, and over 20% of Kenya Revenue Authority tax receipts are processed through the bank's real-time integrated tax payment solution.
The bank's customer deposits grew modestly to KSh 225 billion compared to KSh 224 billion in December 2018. Its gross non-performing loans dropped by 8% to KSh 19.9 billion.
Other banks have also reported significant profits for the first nine months of 2019, including the Co-operative Bank, which registered a KSh 10.9 billion profit, and the Kenya Commercial Bank, whose profits surged by 6% to KSh 10.2 billion.
