Stanchart Kenya’s Pretax Profit Rises 36% In 2022 to Ksh 17.1Billion

Standard Chartered Kenya, the first foreign-registered bank within East Africa’s largest economy,   posted a 36% jump in its pretax profit for 2022 to 17.1 billion shillings ($132.15 million), its chief financial officer Chemutai Murgor told an investor briefing on March 14. 

Standard Chartered Bank Kenya results for the End of the Year 2022

In the financial year ending 2021, the bank posted a pretax profit of Ksh 9 billion  ($ 69,514,173.00).

Kariuki Ngari, Chief Executive Officer, this March said: “We have delivered a strong set of results in 2022, with profit before tax up by 36 percent, with business momentum driving top-line growth of 16 percent.

Our Wealth Management, Transaction Banking, and Financial Markets products performed strongly. I am particularly pleased with our discipline around expenses that helped us navigate the inflationary pressures of 2022 while still allowing us room to invest in our digital capabilities. Our costs were up by 8 percent in comparison to the double-digit growth in income of 16 percent, enabling us to deliver a strong income-to-cost jaw of 8 percent.” 

The increase was due to the reopening of businesses after the COVID-19 pandemic, which fueled demand for loans, and an increase in lending rates, Murgor said.

Net interest income grew by 18% during the period, the CFO  said, while income from transactions increased by 13%.

Net interest income grew by 18% during the period, the CFO  said, while income from transactions increased by 13%.

Loans and advances to customers were up 11% reflecting increased business activities by clients. Deposits from customers continued to grow, up by 5% and funding quality remained high with current and savings accounts making up 93% of total customer deposits.

The board

recommended a final dividend of Ksh. 16 per share. This is in addition to the interim dividend of Ksh. 6 that was paid in December 2022.