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StanChart half year profit dips 34pc on rate cap

StanChart’s CEO Lamin Manjang. FILE PHOTO | NMG
StanChart’s CEO Lamin Manjang. FILE PHOTO | NMG 

StanChart Kenya’s #ticker:SCBK net earnings for the six months to June dropped by more than a third weighed down by lower interest income as the interest rate cap narrowed the lender’s earnings from loans.

The British lender posted an after tax profit of Sh3.4 billion as at June 2017 compared to Sh5.2 billion made in a similar period a year earlier, a drop of 34.4 per cent.

Net interest earnings reduced by Sh803 million to Sh9.1 billion from Sh9.9 billion in June 2016 – highlighting the impact of the rate caps which were not in place in the first half of last year.