NAIROBI,Kenya
Standard Chartered Bank today announced third quarter financial results for 2012, with income rising 42 per cent to KShs16.2 billion and profit before tax growing 68 per cent to KShs9.24 billion. Income grew across both businesses with consumer banking revenue expanding by 29 per cent while wholesale banking revenue going up by 54 per cent.
“These are a great set of results and we are delivering on our promises. We have continued to invest in both our businesses. Consumer banking income momentum has continued while wholesale banking has also had a strong third quarter with a record performance in client income, contributing significantly to the total Wholesale Bank income,” said Stanchart CEO Richard Etemesi.
Mr Etemesi also attributed the good performance to sticking to a clear and consistent strategy of investing for growth, disciplined management of capital, liquidity, costs and risks. “We have remained disciplined on costs and processes and innovative on products and services. Our improved technology platforms have enabled us to serve new business segments and respond to the changing business environment,” he said.
The bank’s loans and advances grew by 8 per cent to KShs101.6 billion. While customer deposits grew by 12 per cent to KShs136.0 billion. The net bad debt charge increased from KShs443 million in the third quarter of 2011 to KShs654 million in the period under review. The bank’s cost income ratio has decreased to 39 per cent in the third quarter of 2012 compared to 48 per cent in the same period in 2011.
OUTLOOK
Mr Etemesi said: “Both the businesses enter the last quarter with good momentum, but we remain vigilant about the global outlook and the uncertainties within the political and economic environment in Kenya. Therefore we will continue to look for opportunities and take advantage of these to build and grow our business. The Bank is in great shape, has good momentum, and is superbly positioned for the future.” The bank has not declared an interim dividend.
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