• Wednesday, 24 July 2024
Standard Chartered Kenya Q1 Profit up 39.5% to KSh 5.62bn

Standard Chartered Kenya Q1 Profit up 39.5% to KSh 5.62bn

Standard Chartered Bank Kenya recorded a 39.5% increase in profit to KSh 5.62bn for the first quarter of 2024, up from KSh 4.03 bn in the same period in 2023.

  • The growth is primarily attributed to a decent 21.4% increase in total operating income.
  • Both funded and non funded income saw double digit growth recording 20.0% and 23.9% increases respectively.
  • Earnings per share posted a 36.7% growth to KSh 14.42 up from KSh 10.55 in the same period last year.

Standard Chartered’s operating expenses increased by 6.0% to KSh 5.43 bn from KSh 5.12bn in the same period last year. The lender reduced its loan loss provisions by 24.6% following a 26.9% decrease in non performing loans to 16.5 bn – pointing to reduced credit risk and cautious lending.

The lenders’ loan book saw a 12.0% uptick to KSh 153.58 bn from KSh 137.11 bn signalling growing demand. Total assets edged up 0.8% partly attributed to a slight 1% increase in customer deposits, while the lender’s loan to deposit ratio edged up the 50% mark for the first Q1 since Q1 2020.

This pencils a positive momentum with the listed lender consistently issuing dividends. In 2023, Standard Chartered raised its payout from KSh 22 per share to KSh 29 per share.

The lender’s investment in government securities has reduced significantly, falling from KShs. 92.9bn in Q1 2023 to 50.34bn in Q1 2024. Deposits and balances due from local banks has grown exponentially, from KShs. 1.765bn in Q1 2023 to KShs. 8.82bn in Q1 2024.

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