Standard Chartered Bank Kenya Plc has announced a 30% reduction in profits for the nine months ended September 30, 2020, to Ksh4.3 billion compared to Ksh6.2 billion posted at a similar period the previous year on higher loan loss provision.
The group’s unaudited financial results show that the lender’s loan provision increased almost fourfold from Ksh728.2 million to Ksh2.7 billion signalling that the bank has fallen back to the cautious option in light of the disruption caused by the pandemic.
Operating income shrank slightly to Ksh20.6 billion from Ksh21.6 billion as total operating costs adjusted up by 4.7 per cent to Ksh.17.7 billion.
