This archive report was first published on 20 November 2019.
Published on November 20, 2019, Standard Chartered Group has announced a marginal 1.6% dip in profits for the first nine months of the year, falling to Ksh.6.2 billion.
The reduction in the third quarter earnings is largely attributable to a decline in interest income from government securities, as the lender cuts its Treasury portfolio to Ksh.95.7 billion from Ksh.107.1 billion last year.
Despite this, the bank pushed out a further Ksh.9.5 billion in new customer loans and advances, with earnings from government falling sharply to Ksh.8.1 billion from Ksh.9.5 billion.
Standard Chartered's non-interest funded income remained steady at Ksh.6.9 billion, while total operating income matched last year's count of Ksh.21.6 billion.
The bank incurred a lesser interest expense on customers during the financial review period, despite holding an additional Ksh.5.3 billion in client funds.
Notably, the group's asset quality improved, with net non-performing loans falling eight percent to Ksh.4.6 billion, and a lesser loan provision of Ksh.728 million from Ksh.1.9 billion last year.
Meanwhile, the Group marked a marginal gain in total assets to Ksh.290.6 billion over the nine-month period.
