16 August 2022 Nairobi, Kenya – Standard Chartered Bank Kenya Limited today releases its results for the six-month period ended 30 June 2022.
Kariuki Ngari, Chief Executive Officer, said:
“We have delivered a strong set of results for the first half of the year with income up 10%. We’ve seen healthy business momentum driving top line growth with double-digit growth in net interest income and strong performance in Wealth Management and Financial Markets products. The strong momentum on income and low expected credit losses mitigated the 18% year-on-year increase in costs arising from our continued investment spend in transformational digital capabilities. Profit before tax is up 11%. We have achieved this by actively supporting our clients in what continues to be a difficult operating environment.”
Summary financial performance
The balance sheet remains strong and highly liquid.
Strategic priorities and Sustainability
At the start of this year, we shared our refreshed strategy where we set out our four strategic priorities; continue to grow our Network business, continue to grow our Affluent business, scale up selectively in Mass Retail and advance our Sustainability agenda. We are making good progress and I will drill down a bit on Sustainability.
We have made efforts to accelerate the stewardship of our environment, widen economic participation between and within communities and address the growing imbalances brought about by globalisation. We have undertaken several initiatives focussing on three sustainability pillars; sustainable economic growth, being a responsible company and investing in our communities.
To measure the impact of our Sustainability initiatives, we published and launched our inaugural Sustainability Impact Report in June 2022. The report highlights how we are delivering our ambition to be the most sustainable and responsible Bank in the market and the progress we have made to embed our 3 Stands - Accelerating to net Zero, Lifting Participation and Resetting Globalisation. We also launched the first Sustainable Marathon Report to measure our social, economic, and environmental impact of the Nairobi Marathon; a marathon that we have sponsored for the last 18 years.
Concluding remarks
We have delivered a strong financial performance in the first half of the year. However, external conditions remain difficult to predict, as we have seen geopolitical and macroeconomic volatility that has adversely impacted the global economic environment. Inflationary pressures are being felt in the Kenyan economy and this is likely to impact both individuals and companies more severely in the second half of the year. In addition, the impact that the general election that is about to be concluded had on the economic environment should ease.
Cognisant of this, we remain firm in the belief that we have the right strategy and will continue to focus on executing to support clients through this period.
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