As the second wave of Covid-19 continues to hit the country, and with businesses striving to remain afloat, the Standard Chartered Bank has become the first lender to issue a profit warning for the financial year ending December 31, 2020. The lender is expected to release the full-year financial results during the first quarter of […]
NAIROBI, Kenya, Dec 9-Standard Chartered Bank has issued a profit warning for the financial year ending December 31, 2020. In a statement, the bank’s board chair Patrick Obath said the forecast has been influenced by economic challenges experienced in the country owing to the outbreak of the disease. “It has been a challenging year with […]
Standard Chartered Bank Kenya has announced plans to lay off 200 employees in a restructuring move. According to a brief sent to the Banking Insurance & Finance Union, the targeted staffers are those in the management level and the unionisable staff. The bank attributes the retrenchment to a digital transformation strategy that started in 2016 […]
Kenyan banks’ credit ratings are in danger of a possible downgrade due to their high appetite for lending to a government staggering on the brink of a debt distress. Global rating agency Moody’s Investor Service said Kenyan lenders are heavily exposed to the government through substantial investment in treasury bills and bonds thereby linking their […]
Kenyan banks’ credit ratings are in danger of a possible downgrade due to their high appetite for lending to a government staggering on the brink of a debt distress. Global rating agency Moody’s Investor Service said Kenyan lenders are heavily exposed to the government through substantial investment in treasury bills and bonds thereby linking their […]
The banking sector is seemingly going through difficult economic times caused by the Covid-19 pandemic, forcing most to engage in cost-cutting measures. Among the most common cost-cutting measures include closure of some branches and retrenchment of employees, or even reducing their salaries. SBM Bank (formerly Fidelity Commercial Bank Limited) has become the latest in the […]
StanChart says that Kenya has foreign exchange reserves above $8 billion. FILE PHOTO | NMG By VICTOR JUMA More by this Author Summary The bank says its digital transformation strategy that started in 2016 has necessitated a restructuring of its workforce, leading to elimination of some roles. Jobs will be cut across management and unionisable […]
The Standard chartered bank on Kenyatta avenue. Photo/Monicah Mwangi Standard Chartered Bank Kenya’s loan loss provision more than tripled in nine months ended September 30 to cover for customers struggling to repay credit as coronavirus muzzle economy. According to the lender’s financial results issued Thursday, loan loss cover rose to Sh2.7 billion in the quarter […]
The significant profit decline is attributable to higher costs of covering potential loan defaults by customers (loan-loss provisions) and falling operating income. The bank’s total operating costs surged by 4.7 per cent to Ksh.17.7 billion as loan-loss provisions grew three fold to Ksh.2.7 billion from Ksh.728.2 million last year. The lender has nevertheless termed the […]
Nairobi — Standard Chartered Bank on Wednesday announced a partnership with Kipchoge Keino Foundation to offer relief to athletes experiencing hardship due to the COVID-19 pandemic. The partnership that will cost KShs 15 million over the next one year will also offer a financial literacy program that will seek to equip young and upcoming athletes […]
The value of investments can go down in value as well as up, so you could get back less than you invest. Past performance does not necessarily indicate a financial product’s future performance. This website aims to provide information to help you make your own informed decisions. Our publications, ratings and analysis should be viewed as an additional investment resource, not as your sole source of information. This website does not provide personal advice based on your circumstances. To obtain advice tailored to your situation, please contact a professional financial adviser.