Standard Chartered Bank Kenya Limited has released its results for the period ended 30 September 2024.
During the reporting period, the bank recorded a pre-tax profit growth of 64per cent driven by strong topline growth and cost management
Speaking during the event, Kariuki Ngari, Chief Executive Officer, said the strong performance in the third quarter was driven by topline growth and well-managed costs.
Operating income is said to have increased 33 per cent driven by Net interest income increase of 17 per cent;Non-interest income increase of 74 per cent; Operating expenses were up 5 per cent and Loan impairment charge increased 7 per cent year-on-year.
“The balance sheet remains strong and highly liquid with our liquidity ratio at 65 per cent (regulatory minimum 20 per cent) and total capital ratio remains strong at 21 per cent.” He added.
“We have delivered a strong set of results in the nine months to September 2024 against a challenging macro environment by helping our clients navigate through these challenges and find opportunities to grow their business and wealth,” he noted.
The CEO expressed optimism as the company enters the fourth quarter, citing an improving macro environment with declining interest rates, falling inflation, and a stable currency. He emphasized that the bank is well-positioned to support clients during this phase and is confident of a strong finish to the year.
