StanChart net profit rises 28pc to Sh6.9 billion

NAIROBI, Kenya, Aug 23 – Standard Chartered Bank net profit for the half year ending June rose by 28 percent to Sh6.9 billion compared to the previous period last year, attributed to strong topline growth.

The lender’s profit after tax was up from Sh5.4 billion in the six months to June 2022.

While net interest income grew 38 percent to Sh14.6 billion, non-interest revenue jumped 27 percent to Sh7 billion.

“We have delivered a strong financial performance in the first half of the year, and we have achieved these results by focusing on our clients, supporting our colleagues and staying true to our brand promise, here for good,” its CEO, Kariuki Ngari, said.

“We are conscious of our external macroeconomic headwinds, both global and local,” Ngari added.

“With inflation starting to cool off and the measures being taken by both the monetary and fiscal authorities to stabilise our economy, we are optimistic of a better external environment in the second half of the year.”

Likewise, net loans and advances to customers increased four percent to Sh145 billion from December 31, 2022.

Customer deposits also slightly went up by 2 percent.

“We will remain focused on executing our strategy focusing on the 4 pillars of the network, affluent, mass retail and sustainability,” Ngari stated.

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