Standard Chartered Bank Kenya reports 64pc profit growth in Q3 2024
Standard Chartered Bank Kenya Limited has delivered a robust performance for the period ending 30 September 2024, achieving a 64 percent increase in profit before tax, attributed to significant topline growth and effective cost management.
Operating income grew by 33 percent, driven by a 17 percent rise in net interest income and a remarkable 74 percent surge in non-interest income. Despite operating expenses increasing by 5 percent, the bank’s efficiency and strategic focus helped sustain strong profitability.
Loan impairment charges recorded a modest 7 percent year-on-year rise, reflecting prudent risk management in a challenging macroeconomic environment. The bank’s balance sheet remains strong and highly liquid, with a liquidity ratio of 65 percent, well above the regulatory minimum of 20 percent. Its total capital ratio stands at a solid 21 percent reinforcing its capacity to support growth and resilience.
Kariuki Ngari, the Chief Executive Officer, attributed the bank’s success to its ability to help clients navigate through economic challenges while seizing growth opportunities. “We have delivered a strong set of results in the nine months to September 2024 despite the tough environment. Our focus on client-centric solutions has been pivotal,” he said.
Looking ahead, the bank is optimistic about the fourth quarter, expecting an improving macroeconomic landscape characterized by declining interest rates, falling inflation, and a stable currency. Ngari emphasized the bank’s readiness to help clients capitalize on these favorable conditions, expressing confidence in a strong finish to the year.
Standard Chartered Bank Kenya’s results underscore its resilience and strategic agility in navigating a complex economic environment. By balancing growth and risk management, the bank continues to position itself as a key partner for businesses and individuals seeking to expand their wealth and achieve their financial goals.
With a strong balance sheet, robust capital ratios, and a client-focused approach, the bank remains well-poised to deliver sustained growth and drive economic progress in Kenya.
