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StanChart’s first quarter profit up 31pc to Sh2.4bn - 3 weeks ago, 22:04

Victor Juma

Standard Chartered Bank (Kenya) reported a 31.1 percent net profit jump in the first quarter ended March, helped by lower costs.

The lender’s net earnings in the review period stood at Sh2.4 billion compared to Sh1.8 billion a year earlier.

At 31.1 percent, StanChart’s profit growth is the highest among the big banks that have so far published their first quarter results.

The lender cut its loan loss provision by Sh650 million to Sh415.1 million, pulling total operating expenses down 11.7 percent to Sh3.8 billion.

Lower provisioning came despite gross defaults jumping 19.1 percent to Sh21.2 billion.

Interest expenses also shrank by Sh570.3 million to Sh1.4 billion despite customer deposits remaining nearly flat at Sh232.7 million.

This indicates that the Nairobi Securities Exchange-listed company could have re-priced the rate on interest-bearing accounts downwards by a significant margin.

StanChart also benefited from a 5.6 percent increase in non-interest income, which rose to Sh2.3 billion.

The bank’s lower costs more ...
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