Standard Chartered Kenya Releases Q3 Results With Profit Before Tax Up 64 Per Cent
Standard Chartered Bank Kenya Limited has today released its results for the period ended 30 September 2024.
Kariuki Ngari, Chief Executive Officer, said: “We have delivered a strong performance in the third quarter with profit before tax up 64 per cent driven by strong topline growth, and well managed costs.
Summary financial performance
Operating income increased 33 per cent driven by;
o Net interest income increase of 17 per cent.
o Non-interest income increase of 74 per cent.
Operating expenses were up 5 per cent.
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.
Concluding remarks
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.
We are optimistic as we get into the fourth quarter of an improving macro environment characterised by declining interest rates, falling inflation and stable currency. We are well positioned to help our clients through this phase and are confident of a strong finish to the year.
