Kenya: Standard Chartered surfs on resumption of growth

Standard Chartered Bank Kenya announced on Monday, May 24, that it posted net income up 18.9 percent to 2.39 billion shillings (22 million USD) for the fiscal year ended March 2021. This is thanks to the growth in non-interest income and lower operating expenses.

“Our performance in the first quarter was supported by positive business momentum which led to improved transaction volumes, particularly in wealth management, low credit impairment charges and operating cost efficiency. Said Kariuki Ngari, CEO of StanChart Kenya.

As for net interest income, it fell 2.8 percent to 4.59 billion shillings (US $ 43 million), while the loan portfolio fell 3 percent. Non-interest income, for its part, rose 11% to 2.48 billion shillings (US $ 23 million) to offset the reduction in net interest income.

As for operating expenses, they were reduced by 9% to 3.68 billion shillings (34 million USD), aided by reduced provisions for defaults and lower personnel costs.

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