Standard Chartered Bank Kenya CEO Kariuki Ngari releases the banks H1 2019 results which saw the lender's half year profit jump to Ksh4.7 Billion. www.businesstoday.co.ke
Standard Chartered Bank Kenya CEO Kariuki Ngari releases the banks H1 2019 results which saw the lender's half year profit jump to Ksh4.7 Billion. [Photo/Standard Chartered Bank Kenya]

Standard Chartered Bank Kenya registered a 4.4% spike in half year profit, rising from Ksh4.5 billion last year to Ksh4.7 billion as at the end of the first six months.

The Standard Chartered Bank board also announced an interim dividend of Ksh5 for every ordinary share. The interim dividend will be paid out on October 30.

In financials released by the lender on August 26, Standard Chartered Bank Kenya said it was investing in solution offerings to enhance client experience, strengthen information & cyber security, and combat financial crime.

“We have delivered a year-on-year improvement in performance as we continue to pursue sustainable growth for the long-term,” Standard Chartered Bank Kenya said.

The financials release saw Standard Chartered Bank Kenya’s shares on the Nairobi Securities Exchange (NSE) gain, with its share price trading at Ksh197 throughout the day. On Friday, the listed bank had closed at Ksh195.

In addition to its half year profit spike, the bank also registered a net interest income decline of 7% to Ksh12.7 billion. This was attributed to lower average investment in government securities in the first six months of 2019, coupled with declining yields. “Interest income from customer loans and advances remained flat due to lower comparative rates,” the lender noted.

Non-interest income decreased by 2% year-on-year to Ksh4.7 billion which Standard Chartered Bank Kenya said was impacted by a slowdown in corporate finance.

Investments in technology, cybersecurity and staff pushed operating expenses up by 6%, the listed lender said.

Loans and advances to customers meanwhile increased by 1% to Ksh120 billion compared to Ksh119 billion in December 2018. Customer deposits moved up 2% to Ksh229 billion.

Gross non-performing loans plunged 9% to Ksh19.8 billion from the end of 2018.

Millennials and Female Employees

The bank, which has had a presence in Kenya since 1911, also said that it has employed approximately 1,450 people, 73% of whom are millennials.

Standard Chartered Bank Kenya, which listed at the NSE in 1989, also said that its female employees accounted for 53% of its workforce.

The lender also said that it now has approximately 250,00 clients and around 30,000 shareholders.

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