Standard Chartered Bank Kenya confirms 17% rise in net profit to Sh8.1bn
Leading Kenyan bank, Standard Chartered Bank Kenya, has confirmed a 17% rise in net profit to Sh8.1bn, according to Business Daily.
With the profit having increased from Sh6.9bn from last year, it has caused the firm to level the playing field with other tier-one banks that have seen their earnings rise from December 2018.
CEO, Kariuki Ngari, commented: “We are investing in exciting new digital and other transformative initiatives, and our strengthened risk discipline is paying off. We’re determined to drive commerce and help our clients achieve prosperity in a sustainable manner.”
With interest income raised by 2.3% to Sh26.87bn, it is believed that operating costs decreased by 3% to Sh16.7bn as the bank cut loan loss provisioning by 54% to Sh1.93bn.
At the end of 2017, loans and advances to customers reduced by 6% from SH126bn to Sh119bn.
Mr Ngari added: “The board recognises the importance of dividends to shareholders, and believes in balancing returns with investment to support future growth, whilst at the same time preserving strong capital ratios.”
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