Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
FILE

Kenya

StanChart issues profit warning for Year Ending December 31 2020

NAIROBI, Kenya, Dec 9-Standard Chartered Bank has issued a profit warning for the financial year ending December 31, 2020.

In a statement, the bank’s board chair Patrick Obath said the forecast has been influenced by economic challenges experienced in the country owing to the outbreak of the disease.

“It has been a challenging year with the protracted health pandemic and economic crisis and against this backdrop, SCBK’s current performance forecast indicates a substantial decline in the profit after tax for the year ending 31 December 2020 compared to the prior year, ” said Obath.

However, the bank says its balance sheet has remained robust with strong capital and liquidity throughout the period.

The board further anticipates that clients’ demand will increase over the course of 2021 as the Kenyan and global economies open.

“With the recent announcements of COVID-19 vaccines, global business sentiment has improved,” reads the firm statement.

In 2019, Standard Chartered Bank Kenya posted a pre-tax profit of Sh 12.2 billion at a time when the bank recorded increased use of digital services.

The bank also saw an increase in its loan and advances to customers since December 31 2018 which increased 8 percent to Sh129 billion while the gross non-performing loans reduced 7 percent year-on-year.

The bank’s Operating expenses increased by 8 percent due to increased investments in technology.

Advertisement. Scroll to continue reading.
1 Comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...