Standard Chartered Bank profit after tax expanded by Sh6.23 billion to Sh20 billion last year on the back of improved incomes from interest and non-interest segments.
During a similar period in 2023, the lender recorded a Sh13.8 billion net profit.
For instance, the bank’s net interest income increased by 13 percent to Sh33.27 billion, largely due to higher volumes and improved margins.
On the other hand, non-interest income surged by 40 percent, reaching Sh17.41 billion, buoyed by stronger transactional volumes and better margins in Transaction Services, Markets, and Wealth Solutions.
“Our approach of combining differentiated cross-border capabilities for corporate and institutional clients with leading wealth management solutions for affluent clients has proven successful,” StanChart CEO Kariuki Ngari said.
“Furthermore, we managed our costs well, delivering a positive income-to-cost jaws of 13%.”
Standard Chartered also reported a significant improvement in loan impairment losses, which dropped by 30 percent, reflecting the lender’s prudent management of loan book and effective recoveries.
However, customer deposits saw a decline of 14 percent, standing at Sh295.69 billion.
Similarly, loans and advances to customers decreased by 7 percent, totaling Sh151.65 billion.
