Stanchart profit up 12.6pc on cost reduction, other income
The lender rode on cost-cutting to compensate for a weaker performance in the mainstay lending business. PHOTO | FILE
Standard Chartered Bank Kenya posted a 12.6 per cent rise in net profit for the year ended December, driven by cost reduction and a sharp increase in ‘other income’.
The firm’s made a Sh10.4 billion net profit in the period compared to Sh9.2 billion a year earlier.
The bank rode on cost-cutting to compensate for a weaker performance in the mainstay lending business.
Its interest income grew two per cent to Sh22.1 billion, partly due to the loan book shrinking 5.3 per cent to Sh122.7 billion.
Stanchart maintained its deposits at Sh154 billion, cutting its interest expenses by Sh704 million to Sh4.2 billion.
The bank also benefitted from ‘other income’ which jumped 140.8 per cent to Sh2.2 billion. The company declared a dividend pay-out of Sh17 per share, up from the previous Sh14.5.
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