Stanchart Kenya Reports 27% Profit in H1’2023

Standard Chartered Bank Kenya has announced its financial results for the period ended 30 June 2023, showing a strong profit before-tax growth of 27 per cent.

The bank’s Chief Executive Officer, Kariuki Ngari, attributed the result to strong top-line growth of 34 per cent from both businesses, Wealth Management and Financial Markets, and Retail products. 

Kariuki also said the bank managed to control its operating expenses, which grew by 17 per cent, resulting in a healthy cost-income ratio of 17 per cent.

However, he noted that the loan impairment charge increased by Ksh 1.9 billion, reflecting a volatile and challenging macroeconomic environment.

He said the bank’s asset quality remained resilient and its deposit growth continued in its current and savings accounts. 

He added that the external environment remains challenging, but the bank remains committed to supporting its clients through this period.

“We are conscious of our external macroeconomic headwinds, both global and local. 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,” he said in an emailed statement.