July 18, 2024

Standard Chartered Bank Reports a Net Profit for FY2023

Standard Chartered Bank

Standard Chartered Bank Kenya Limited (SCBK) has reported a net profit of Kes. 13.8 billion for FY2023. This marks an increase of 14.76% compared to the previous year’s net profit of Kes. 11.8 billion. 

Alongside this achievement, Standard Chartered Bank Kenya has also seen remarkable growth in interest income, with a notable 28.5% increase in Q3 2023. This growth is primarily attributed to a substantial 40.9% rise in interest income from loans and advances. 

Additionally, the bank’s interest from investments in government securities has surged by an impressive 95%, driven largely by increased volumes.

The bank’s operating income has also witnessed robust growth, expanding by 17%, driven primarily by a 14% increase in interest income and a 6.0% decline in interest expense. 

Standard Chartered Bank Kenya Limited

The bank’s focus on green financing initiatives has not only contributed to sustainable development but has also translated into an increase in profits. Standard Chartered Bank Kenya has further capitalized on leveraging technology to drive efficiency gains and enhance profitability. 

In light of this success, the company has declared a full-year dividend of Kes. 29.00 Per share, with a final dividend of Sh23 per share dividend. This is up from Sh22 per share in FY2022. Furthermore, SCBK has maintained a healthy dividend yield of 12.96%. 

Standard Chartered Bank Kenya Limited’s remarkable profitability can be attributed to its strategic initiatives and customer-centric approach. 

With over 22 standard chartered bank branches, and 107 ATMs, customers can easily locate a standard chartered bank branch near them and conveniently access banking services. 

READ ALSO: Factors Behind the Surge In Absa Bank Share Price

Moreover, the bank’s commitment to customer convenience is exemplified by its provision of the standard chartered bank paybill number (329329), simplifying bill payments and fund transfers. 

Additionally, customers can reach out to the bank directly through the standard chartered bank contacts, including +254 20 329 3900, +254 722 203666, and +254 732 143900.

In its 2024 Global Market Outlook, SCBK has introduced several initiatives aimed at enhancing customer experience and promoting sustainable finance. Among these is the introduction of a fully digital account with an affordable monthly fee, aligning with the bank’s commitment to technological innovation. 

Additionally, the bank expects continued positivity in equity and bond markets, buoyed by expectations of a soft landing and supportive central bank policies.

Looking ahead, SCBK remains optimistic about its future. With signs of improving economic fundamentals both domestically and internationally, the bank is well-positioned to navigate challenges and capitalize on opportunities.

As it continues to drive innovation, sustainability, and community impact, SCBK reaffirms its commitment to delivering value to its stakeholders.

SCBK also anticipates several key trends in the global economic landscape. Firstly, it expects positive momentum in both equity and bond markets. Despite some uncertainties, the bank foresees a favorable start to the year in these financial domains. 

However, it predicts slower growth and lower inflation in the US and other major economies, signaling a cautious approach in the face of economic challenges.

Furthermore, SCBK anticipates a slowdown in service sector inflation, with the possibility of shelter inflation moving into deflationary territory later in the year. Amidst these shifts, investors can expect more stability in lending rates.