Standard Chartered Bank recorded Ksh4 billion in profit after tax in the first three months of 2023, up 46 percent from a similar period last year.
The bank’s total income also grew significantly, up 45.2% to hit Ksh10.76 billion. Growth was driven primarily by non-funded income. Up 55.5 % compared to a similar period last year, non-interest-funded income grew faster than interest income, to hit Ksh3.9 billion in Q1 2023.
The uptick in non-funded income was fueled by a 114 percent rise in forex trading, which grew to Ksh2.19 billion in the three months to March.
Net interest income, on the other hand, grew to Ksh6.9 billion up from Ksh4.9 billion in the first quarter of last year. The growth was driven by lower interest expenses.
StanChart grew its loan book to Kshh137.1 billion in Q1 2023 up from Ksh128.1 billion in a similar period last year.
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The lender’s investment in Kenyan government securities grew by 4.2 percent to Ksh92.9 billion. Customer deposits grew by 14.2 percent to Ksh302.9 billion up from Ksh265.4 billion in Q1 2022.
The bank’s non-interest expenses grew by a whopping 47.2 percent from Ksh3.5 billion to Ksh5.1 billion, largely driven by an increase in loan-loss provisioning to Ksh790.9 million.
StanChart’s gross non-performing loans only increased marginally despite the higher provisions, to Ksh22.59 billion up from Ksh22.56 billion in the first quarter of last year.
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