June 14, 2024

Standard Chartered Kenya Q1 2024 Profits Climb to Ksh 5.6 Billion

Standard Chartered Kenya Q1 2024 Profits Climb to Ksh 5.6 Billion

Standard Chartered Bank Kenya has reported a KES 5.6 billion profit in Q1 2024, surging by 39.5% year-on-year from KES 4 billion recorded in Q1 2023. Gross Non-Performing Loans (NPLs), on the other hand, declined significantly by 26.9%, dropping to KES 16.5 billion. This positive trend indicates a healthier loan portfolio and is further bolstered by a 30.7% decrease in loan loss provisions to KES 548 million.

Net interest income witnessed a notable increase of 20%, reaching KES 8.3 billion, while FX trading income also saw a significant boost of 15.3%, climbing to KES 2.5 billion.

While profits surged, Standard Chartered maintained stability in its total assets. Assets experienced a marginal increase of 0.7% to KES 391.3 billion, demonstrating the bank’s financial strength and commitment to sustainable growth.

Customer deposits also showed a slight rise to KES 306 billion, indicating continued trust from its clientele.

The strong Q1 performance follows on the heels of an impressive year for Standard Chartered Kenya. In March, shareholders rejoiced as the bank announced a 32% increase in dividends, reaching a historic Sh29 per share, translating to a total payout of Sh10.96 billion.

This generous distribution followed a successful financial year for Standard Chartered. The bank reported a 15% increase in net profit for the year ended December 2023, reaching Sh13.8 billion compared to Sh12.1 billion the previous year. This positive performance fueled investor confidence, leading to a surge in the bank’s share price at the Nairobi Securities Exchange (NSE).

The announcement triggered a 5.7% jump in StanChart’s share price, closing the day at Sh170.5. During intraday trading, the stock even reached a high of Sh180, reflecting investor optimism about the bank’s future. This rise in share price brings the stock value back to levels last seen in April 2023.

Standard Chartered is actively contributing to Africa’s development by promoting environmentally conscious practices. The bank is committed to financing Chinese firms that uphold green principles as they expand their operations in Africa. This initiative aims to support sustainable development projects across the continent.

Furthermore, Standard Chartered is driving innovation in cross-border trade facilitation. The bank’s recent partnership with Visa streamlines transactions by eliminating intermediaries, paving the way for faster and more efficient payments. This collaboration will benefit businesses operating across borders within Africa and beyond.

For more information about standard chartered bank kenya financial results, dividend payout, or to explore their banking services, customers can reach out to the standard chartered customer care support via the standard chartered bank contacts at +254 20 329 3900, +254 722 203666, or +254 732 143900.

Additionally, for convenient bill payments and fund transfers, customers can utilize the standard chartered bank paybill number 329329. The bank also offers online banking access for managing finances remotely. For mobile banking needs, customers can leverage the standard chartered ussd code *722#. For stanchart customers abroad, the standard chartered swift code is SCBLKENX XXX for international transactions.