Standard Chartered records flat profit of Ksh.8.2 billion


Standard Chartered records flat profit of Ksh.8.2 billion

In Summary

  • The lender has posted a marginal 1.2 per cent growth in profit after tax for the year to Ksh.8.2 billion from Ksh.8.1 billion from a mixed bag of fortunes in operations.
  • Nevertheless, the lender marked an improved profile in its cost base as total costs eased slightly to Ksh.35.8 billion from Ksh.36.2 billion from lower staff costs and loan-loss provisioning.
  • Standard Chartered Bank has regardless of its flat growth in earnings increased its dividend pay out to shareholders to Ksh.20 from Ksh.19 as the lender’s earnings per share (EPS) grow to Ksh.23.49 from Ksh.23.09 in 2018.

The Standard Chartered Bank has reported a flat growth in earnings for 2019 on subdued earnings across the reporting period.

The lender has posted a marginal 1.2 per cent growth in profit after tax for the year to Ksh.8.2 billion from Ksh.8.1 billion from a mixed bag of fortunes in operations.

Interest income generated from on lending plunged by 6.3 per cent from lower income from investing in government securities which cancelled out growth in interests from loans and advances.

Both customer loans and Treasury investments were up in the period rising by 3.2 per cent and 8.4 per cent respectively to Ksh.97.7 billion and Ksh.128.7 billion respectively.

Meanwhile non-interest funded revenue streams were flat at Ksh.9.2 billion as lower fees and commissions cancelled each other out with improved income from Forex trading activities.

Nevertheless, the lender marked an improved profile in its cost base as total costs eased slightly to Ksh.35.8 billion from Ksh.36.2 billion from lower staff costs and loan-loss provisioning.

This is as the bank marked an important hold in asset quality deterioration with gross non-performing loans (NPLs) easing to Ksh.20.1 billion from Ksh.21.7 billion.

Standard Chartered Bank has regardless of its flat growth in earnings increased its dividend pay out to shareholders to Ksh.20 from Ksh.19 as the lender’s earnings per share (EPS) grow to Ksh.23.49 from Ksh.23.09 in 2018.

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Story By Kepha Muiruri
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