Home Business Standard Chartered net profit jumps 37% for the period ended September 2022

Standard Chartered net profit jumps 37% for the period ended September 2022

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Standard Chartered Bank Kenya Limited today released its results for the nine months period ended 30 September 2022 with a 37% increase in profits from last year, same period.  Healthy business momentum continues to drive growth with income up 10%. Costs increased 9% because of inflationary pressure as well as investment spend, whilst expected credit losses have significantly reduced year-on-year.

Kariuki Ngari, Chief Executive Officer, said” We have achieved this performance by actively supporting our clients in an increasingly unpredictable operating environment. I am also pleased to announce that the Board approved the payment of an interim dividend of KShs 6.00 to our ordinary shareholders.”

Income increased 10% due to asset volumes growth, expansion in net interest margins and favourable market movements. Operating expenses were up 9% reflecting the impact of inflation, increase in amortisation charges as well as increased investment spend on digital capabilities. Loan impairment declined by 77% benefitting from improved delinquencies as the economic environment continues to rebound.

Net customer loans and advances were up 8% reflecting the recovery of our clients’ businesses.  Customer deposits continued to grow with funding quality remaining high – current and savings accounts making up 93% of total customer deposits.

The directors are pleased to announce the payment of an interim dividend of KShs 6.00 for every ordinary share of KShs 5.00. The Board recognises the importance of dividends to shareholders and remains committed to sustainable shareholder returns.

Standard Chartered continues to make inroads in their sustainability agenda.

 

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