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    Kenya: Standard Chartered Bank posts $30m profit

    APA-Nairobi(Kenya)

    Standard Chartered Bank Kenya on Tuesday announced a pre-tax profit of 3.5 billion shillings ($30 million) for the first quarter of 2019.

    Net interest income increased 3 per cent to 5 billion shillings ($50 million) in the first quarter of 2018.

    Interest income declined 6 per cent to 6.4 billion shillings ($60 million) driven by lower average investment in government securities in the current period.

    Interest income from customer loans and advances remained flat.

    “Over the last three years we have worked to build a solid platform over which we can grow sustainably as well as having a positive impact on our clients, stakeholders and communities,” said Kariuki Ngari, Standard Chartered Bank CEO.

    “Focusing on clients by providing them with solutions that support their businesses is starting to bear fruit as evidenced by our first quarter performance,” added Ngari in a statement issued in Nairobi.

    Total interest expense decreased by 29 per cent to 1.4 billion shillings($10 million) from proactive management of the balance sheet.

    Non-interest income increased by 6 per cent year-on-year to 2.4 billion shilling($20 million) driven by foreign exchange.

    Loan impairment was 61 percent lower than in the same period last year reflecting on going management action to improve overall asset quality, said the bank.


    JK/abj/APA

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