Stanchart's H1 profit up 81.5pc on high growth in income
Posted Thursday, August 9 2012 at 16:21
Standard Chartered Bank has made a 81.5 per cent increase in net profit to Sh4.5 billion for the first six months of this year.
StanChart made the profit after a 54 per cent increase in total income to Sh10.995 billion. Despite the high growth in income, its total expenses rose by only 22.7 per cent to boost its net profit.
In a statement, the bank said it had “seen substantial income growth momentum across both businesses during the first half of the year with consumer banking revenue growing by 45 per cent while wholesale banking revenue grew by 55 per cent.”
“Consumer banking income momentum has continued while wholesale banking has also had a strong first half with a record performance in client income,” said CEO Richard Etemesi.