Standard Chartered Bank has announced a Sh22.5 billion in Profit before Tax, in its Q3 results 64 percent increase compared ton a similar period last year. 

The lender the surge is driven by increased operating income and controlled expenses.

Its CEO, Kariuki Ngari, attributed the remarkable performance to robust top line growth and efficient cost management.

He emphasized the bank’s commitment to supporting its clients in navigating the challenging economic climate by identifying opportunities for growth and wealth creation.

“We have delivered a strong set of results in the nine months to September 2024 against a challenging macro environment by helping our clients navigate through these challenges and find opportunities to grow their business and wealth,” Ngari said.

Operating income surged by 33%, fueled by a 17% growth in net interest income and a remarkable 74% increase in non-interest income.

Likewise, operating expenses increased marginally by 5%, while loan impairment charges rose by 7% year-on-year, reflecting a prudent approach in managing the bank’s portfolio.

Ngari highlighted the bank’s strong balance sheet, with a liquidity ratio of 65%,significantly higher than the regulatory minimum of 20%,and a total capital ratio of 21%, underscoring the institution’s financial stability.