StanChart profit flat at Sh8.2b

StanChart CEO Kariuki Ngari at an event in February 2020. [File, Standard]

Standard Chartered Bank Kenya Limited registered a marginal 1.7 per cent increase in net profit in the year ended 2019.

A financial statement released yesterday shows that the net profit increased slightly from Sh8.1 billion in 2018 to Sh8.2 billion in the year ended 2019.

In the same period, the net operating income increased slightly, from Sh28.6 billion to Sh28.7 billion.

StanChart CEO Kariuki Ngari said the bank had put investment into digitisation of its services to good measure. The bank's operating expenses went up 8 per cent, which the lender attributed to investment in technology.

"Our investments to transform the bank digitally, develop and scale new business models, and build skills of strategic value to our clients continue apace,” he said.

Straight2Bank is a fully integrated online banking service for customers’ transactions, hedging and information needs.

The bank also observed a 6.2 per cent increase in total assets over the year, with the asset value climbing from Sh285 billion to Sh302 billion.

Further, credit impairment on loans reduced by Sh1.4 billion to Sh573 million. Loans and advances to customers increased 8 per cent to Sh129 billion in the period since December 31, 2018, as the bank made use of its lending avenues.

Total operating expenses of the bank reduced marginally, from Sh16.8 billion to Sh16.5 billion in 2019, while net non-performing loans almost halved, coming down from Sh7.1 billion to Sh4.3 billion.