StanChart profit rises to Sh4.4 billion

Standard Chartered Bank has posted a 30 per cent increase in net profits for the six months to June despite cautious lending to the market.

The lender’s after-tax profit rose from Sh3.4 billion to Sh4.4 billion in a similar period last year even as loans shrunk by Sh1.2 billion. “Interest income on customer loans and advances declined by two per cent to Sh6.7 billion due to lower average balances coupled with the re-pricing in line with the reduction of the Central Bank Rate,” said the bank in a statement to newsrooms.