Standard Chartered nine-month profit falls to Ksh.6.2 billion


Standard Chartered nine-month profit falls to Ksh.6.2 billion

In Summary

  • The slight reductions in the third quarter earnings is largely attributable to a decline in interest income from government securities as the lender cuts its Treasury portfolio to Ksh.95.7 billion from Ksh.107.1 billion last year.
  • The overall dip in key balances however paid off on the group’s asset quality as net non-performing loans fell eight percent to Ksh.4.6 billion as the lender accounted for a lesser loan provision of Ksh.728 million from Ksh.1.9 billion last year.

The Standard Chartered Group has announced a marginal 1.6 percent dip in profits for the first nine months of the year to Ksh.6.2 billion.

The reduction in the third quarter earnings is largely attributable to a decline in interest income from government securities as the lender cuts its Treasury portfolio to Ksh.95.7 billion from Ksh.107.1 billion last year.

Earnings from government fell sharply ahead of loan interest revenues to Ksh.8.1 billion from Ksh.9.5 billion even as the bank pushed out a further Ksh.9.5 billion in new customer loans and advances.

Moreover the bank’s non-interest funded income kept touch with the general slide in key revenue streams to close out at Ksh.6.9 billion even as total operating income matched up last year’s count of Ksh.21.6 billion.

Standard Chartered incurred a lesser interest expense on customer during the financial review period in spite of holding an additional Ksh.5.3 billion in client funds.

The overall dip in key balances however paid off on the group’s asset quality as net non-performing loans fell eight percent to Ksh.4.6 billion as the lender accounted for a lesser loan provision of Ksh.728 million from Ksh.1.9 billion last year.

At the same time, the Group marked a marginal gain in total assets to Ksh.290.6 billion over the nine-month period.

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