Kenya: Standard Chartered Bank achieves a net profit of 10% in the first half of 2022
Standard Chartered Bank Kenya, the Kenyan subsidiary of the British banking group Standard Chartered Bank, published its financial results for the half-year ended June 30, 2022 on Tuesday August 16. It shows a net profit up 10% during the first half, i.e. 5 .4 billion shillings (45 million USD) at the end of June 2022 against 4.9 billion shillings (41 million USD) at the end of June 2021.
This performance is due to an improvement in several indicators, notably interest income and foreign exchange earnings. Thus, net interest improved by 10% thanks to loans, advances and government securities, which increased by 10 billion shillings (84 million USD). For its part, non-interest income increased by 11% to 5.5 billion shillings (46 million USD) during the reporting period.
Currency exchanges increased by 34% to 2.27 billion shillings (19 million USD), helping to consolidate non-interest income by 10.9% to 5.5 billion shillings (46 million USD). ). Assets under management increased by 12% year-on-year thanks to favorable market movements.
The Nairobi Securities Exchange-listed bank said it had kept its costs under control thanks to strong revenue momentum and low credit losses. The banking establishment also attributes the growth in non-interest revenue to the improved performance of its wealth management unit which recorded revenue growth of 25% compared to the first half of 2021.
“We delivered a strong financial performance in the first half. However, external conditions remain difficult to predict as we have seen geopolitical and macroeconomic volatility which has had a negative impact on the global economic environment,” said Kariuki Ngari, Managing Director of Standard Chartered Bank Kenya