Standard Chartered Bank Kenya on Thursday announced a pre-tax profit of 12.2 billion shillings ($11.4 million) for the year ended 31 December 2019.
Net interest income remained broadly flat reflecting our continued focus on the quality of the balance sheet, while non-interest income is similarly flat with increased contribution from the foreign exchange but tempered by a slowdown in corporate finance.
Meanwhile, the banks operating expenses are up 8 percent driven by investments in technology. On the other hand, credit impairment on loans reduced by 1.4 billion shillings ($9.5 million) to 573 million shillings ($5.4 million) and is at its lowest level in five years.
Our actions over the past few years to support our clients to improve the risk profile of the balance sheet and continued focus on high-quality origination continue to pay off, noted the bank.
“We have achieved important milestones on our strategic priorities in 2019. Our investments to transform the Bank digitally, develop and scale new business models, and build skills of strategic value to our clients continue apace,” said Kariuki Ngari, Chief Executive Officer.
“Key client digital adoption measures continue to improve – we have over 70 digital services and products on our mobile app, over 85% of transactions conducted through non-branch channels in Retail Banking, and close to 90% of our corporate clients are utilising our Straight2Bank platform,” he added.
JK/abj/APA