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18 May 2022 Nairobi, Kenya – Standard Chartered Bank Kenya Limited today releases its results for the quarter ended 31 March 2022.
Kariuki Ngari, Chief Executive Officer, said:
“Our first quarter performance was strong despite volatile and challenging market conditions. Our profit before tax grew 16% year-on-year with strong underlying business momentum. Income increased by 5% with a strong performance in net interest income, Financial Markets and Wealth Management. Expenses increased 9% mainly due to digital investments as we continue to transform how we serve our clients. Asset quality remained resilient in the first quarter however we continue to remain alert to the challenging external environment. The Bank remains well capitalised and highly liquid with a total capital ratio of 17.62% and a liquidity ratio of 71.56%.”
Summary financial performance
The balance sheet remains strong and highly liquid.
Concluding remarks
The start to 2022 has been strong, however we continue to remain alert to the challenging external environment which has been elevated by Russian invasion of Ukraine, continuing cases of COVID-19 in China which is leading to logistical shipping challenges thus causing accelerated inflation globally. Against this backdrop, we will continue to focus on executing our strategy whilst pursuing sustainable growth.
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