Banks
StanChart Net Profit Up 28% to Sh6.9B
Standard Chartered Bank’s net profit for the half year ending June increased by 28% to Sh6.9 billion compared to the same period last year, owing to robust topline growth.
Profit after tax for the lender increased from Sh5.4 billion in the six months to June 2022.
While net interest income increased by 38% to Sh14.6 billion, non-interest revenue increased by 27% to Sh7 billion.
“We have delivered a strong financial performance in the first half of the year, and we have achieved these results by focusing on our clients, supporting our colleagues, and staying true to our brand promise, here for good,” its CEO, Kariuki Ngari, said.
Similarly, net loans and advances to consumers increased by 4% to Sh145 billion as of December 31, 2022.
Customers’ deposits increased by 2% as well.
