Standard Chartered Bank Kenya chief executive Kariuki Ngari. PHOTO | DIANA NGILA | NMG Standard Chartered Bank Kenya has reported a 66.2 percent jump in net profit the full year to December 2021, helped by reduced costs and growth in non-interest income.
The lender recorded Sh9.04 billion in profit after tax, the highest in five years since 2016 (Sh9.05 billion), from Sh5.44 billion in 2020.
Non-interest income grew 24.9 percent to Sh10.3 billion on strong performance in the wealth management unit, while operating expenses dropped 19.6 percent to Sh16.6 billion.
The Nairobi Securities Exchange-listed bank has announced a Sh14 final dividend per share, bringing the total payout in the year to Sh7.17 billion, equivalent to Sh19 per share.
The dividend will be 80.6 percent higher than the Sh3.97 billion paid in 2020.
“2021 was an exceptional year for the bank despite the ongoing pandemic-driven challenging conditions. Income returned to growth after the dip last year occasioned by the impact of the pandemic, increasing 7 per cent with strong underlying business momentum,”’ said StanChart Bank chief executive Kariuki Ngari on Monday.
Its net interest income from loans and advances dropped by 1.6 percent to Sh18.8 billion amid the continued impact of the pandemic on corporate clients and lower average yields in the fixed income assets.
Customers’ net loans and advances grew by 3.7 percent to Sh125.9 billion, while deposits rose by 3.5 percent to 265.5 billion over the period.
