Standard Chartered Net Profit Rises 64 Percent to Ksh.15.6 Billion

Standard Chartered Bank Kenya reported a remarkable 64% increase in net profit, reaching Ksh. 15.6 billion for the first nine months of 2024.

This surge, the bank said is attributed to strong strong topline growth and well-managed costs.

Operating income has also risen 33%, whilst liquidity remains at a robust level of 65%, significantly higher than the regulatory minimum of 20%.

These results reflect strong performance despite a challenging macroeconomic environment, with significant growth in income streams and profitability while maintaining robust capital and liquidity positions.

“We have delivered a strong performance in the third quarter with profit before tax up 64 per cent driven by strong topline growth, and well-managed costs.” Kariuki Ngari, Chief Executive Officer, said.

Summary financial performance

• Operating income increased 33 per cent driven by;
• Net interest income increase of 17 per cent. 
• Non-interest income increase of 74 per cent. 
• Operating expenses were up 5 per cent. 
• Loan impairment charge increased 7 per cent year-on-year.
• The balance sheet remains strong and highly liquid with our liquidity ratio at 65 per cent (regulatory minimum 20 per cent) and total capital ratio remains strong at 21 per cent. 

”We are optimistic as we get into the fourth quarter of an improving macro environment characterised by declining interest rates, falling inflation and stable currency. We are well positioned to help our clients through this phase and are confident of a strong finish to the year.” the bank said in a statement.

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