Standard Chartered Kenya has recorded a net profit of Ksh6.3 billion in nine months for the period ended September 30, a 34 per cent growth.
The lender attributes the growth to higher revenue from government securities, fees and commissions and a fall in provision for bad loans.
Bad loans were reduced by half, from Ksh3.73 billion last year to Ksh1.88 billion this year.
Income from government securities were recorded at Ksh9.5 billion, a 15 per cent growth. However, outstanding stock of securities went down by Ksh10 billion to Ksh115.5 billion.
Interest income from customer loans reduced to Ksh9.9 billion.
Interest expenses rose by two per cent to Ksh5.76 billion, while operating expenses fell by 6.7 per cent to Ksh12.4 billion.
“Non-interest income increased by 10 per cent to Ksh7 billion compared to a similar period in 2017 driven by good growth in fees and commissions, foreign exchange income and growth in our wealth management business,” said StanChart in a statement.
The bank’s gross non-performing loans stock rose by Kh2.5 billion to Ksh19.5 billion.
Overall, the bank’s loan book shrunk by Ksh3.2 billion to stand at Ksh114.2 billion at the end of September.
Do you have a story you want told? Do you know of a sensitive story you would like us to get our hands on? Email your news TIPS to email@example.com Also WhatsApp 0708677607 with your news tips