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Total income rose by 42 percent to Sh16.2 billion/FILE

Kenya

StanChart Q3 profit leaps to Sh6.4b

Total income rose by 42 percent to Sh16.2 billion/FILE

NAIROBI, Kenya, Nov 15 – Standard Chartered Bank has announced a 67 percent jump in net profit to Sh6.4 billion for the third quarter of 2012, compared to Sh3.9 billion in the same period last year.

Profit before tax went up by 68 percent to Sh9.3 billion for the nine months ended September 30.

The bank’s CEO Richard Etemesi attributed the improved performance to the benefits of sticking to a clear and consistent strategy of investing for growth; of disciplined management of capital, liquidity, costs and risks.

Total income rose by 42 percent to Sh16.2 billion.

“We have remained disciplined on costs and processes and innovative on products and services. Our improved technology platforms have enabled us to serve new business segments and respond to the changing business environment,” Etemesi said.

He said the bank has seen substantial income growth momentum year-on-year with Consumer Banking revenue growing by 29 percent while Wholesale Banking revenue grew by 54 percent.

Standard Chartered’s loans and advances grew by eight percent to Sh101.6 billion due to growth in both consumer and corporate assets.

The bank’s cost income ratio has decreased to 39 percent in the third quarter of 2012 compared to 48 percent in the same period in 2011.

On the outlook for the rest of the year, Etemesi said; “We remain vigilant about the global outlook and the uncertainties within the political and economic environment in Kenya. Therefore we will continue to look for opportunities and take advantage of these to build and grow our business.”

The bank has however not declared an interim dividend.

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