(Last Updated On: June 2, 2016)
Kenya’s 4th largest bank Standard Chartered Bank posted a 44.4% growth in net profit for the first 3 months of 2016 due to a increase in interest income. After tax profit stood at Ksh2.6 billion as compared to Ksh1.8 billion in 2015.
Customer deposits were up by Ksh12,5 billion to stand at Ksh184.5 billion. Net interest income was up by 10.4% to ksh4.883bn while loans and advances grew by 6.7%. The bank also took advantage of the high interest rates offered by the CBK hence ended up growing its government securities income by 45.8%.
Non funded income grew by 66.2% to Ksh2.365bn due to a 171.6% increase in forex trading income which stood at Ksh825m. The total operating income was at Ksh7.248bn which is an increase of 24%. Operating expenses only increased by 6.6% to ksh3.551bn.