StanChart posts Sh9.3bn net profit, pulls ahead of Co-op Bank
Standard Chartered Kenya CEO Lamin Manjang during the release of the results for the financial year ended December 31, 2013 at the Villa Rosa Kempinski on March 25, 2014. The bank reported a 14.7 per cent increase in net profit of Sh9.26 billion. Photo/DIANA NGILA
Standard Chartered Bank has reported a 14.7 per cent increase in net profit for the year ended December 2013.
The bank saw its after-tax profit climb to Sh9.26 billion compared to Sh8.07 billion in 2012 buoyed by increased lending that saw its net interest income rise by Sh2.6 billion to Sh16.8 billion.
Interest from loans and advances expanded to Sh15.5 billion from Sh14.9 billion for the year.
The lender's loan book stood at Sh129.7 billion from Sh112.7bn a year earlier, while customer deposits grew by Sh14.2 billion to Sh154.7 billion.
StanChart overtook Co-op Bank, that reported net earnings of Sh9.1 billion, in profitability ranking to come in third after KCB and Equity, whose net profit stood at Sh14.3 billion and Sh13.2 billion respectively.
