Standard Chartered registers an improved half year net profit of Ksh. 4.8B

Standard Chartered registers an improved half year net profit of Ksh. 4.8B

Standard Chartered Bank Kenya has announced that it has registered an improved profit after tax of Ksh. 4.8 billion for the half year ended 30th June 2021. This represents a 51% increase from the Ksh. 3.2 billion the bank posted in the previous period.

During the period total operating income increased by 2% to Ksh. 14 billion from Ksh. 13.7 billion last year. Expenses decreased by 6% to Ksh. 6.6 billion from Ksh. 7 billion. Profit before tax rose by 33% to Ksh. 6.7 billion from Ksh. 5.1 billion during the same period that ended on 30th June 2020.

Net loans and advances to customers were up 7% since 31.12.2020 while customer deposits increased by 9%. Earnings per share increased by Ksh. 3.52 (38%) to Ksh. 12.69.

Kariuki Ngari, Chief Executive Officer of Standard Chartered Bank Kenya had this to say about the results “Our first half of 2021 was one of recovery. Lockdowns, both locally and globally of various forms have come and been relaxed affecting economic activity. While containment has been effective in controlling the spread of COVID-19, the timeline to full economic recovery and social opening will be longer as country vaccination programs vary. Against this backdrop, I am pleased that we continue to operate effectively, supporting our clients and executing our strategy. I am encouraged by our positive performance in the first half of the year – profit before tax recovered strongly from last year, up 33% year-on-year, helped by strong underlying business momentum, improved loan impairments and operating cost efficiencies. Asset quality remained resilient and stable in the first half, although we continue to remain alert to the impact of a volatile recovery.”

The bank’s half year 2021 results are below; Ksh (million) 30.6.2021 30.6.2020 YoY % Net interest income 9,115 9,394 (3) Non funded income 4,998 4,402 14 Total operating income 14,113 13,796 2 Operating expenses (6,677) (7,066) 6 Loan impairment (638) (1,625) 61 Profit before tax 6,798 5,105 33 Taxation (1,919) (1,872) (3) Profit after tax 4,879 3,233 51 Increase/ KShs million 30.6.2021 31.12.2020 (Decrease) Balance Sheet % Loans and advances to customers 130,276 121,524 7 Customer deposits 278,187 256,498 8 Loans to deposits ratio 47% 47% Capital Core capital 42,115 39,240 Core capital ratio 15.89% 15.87% Total capital 48,445 45,676 Total capital ratio 18.27% 18.47%

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