Standard Chartered posts Ksh.2.7 billion net profit in Q1 2022
Standard Chartered Bank Kenya’s Q1 net profit in 2022 surged by 16 percent to Ksh.2.7 billion from Ksh.2.3 billion in Q1 2021.
This has been anchored on strong net interest incomes, financial markets, and wealth management.
“Our first-quarter performance was strong despite volatile and challenging market conditions underlying business momentum. Asset quality remained resilient in the first quarter however we continue to remain alert to the challenging external environment,” said Kariuki Ngari, Standard Chartered Bank CEO.
Net interest income increased 7 percent to Ksh.4.9 billion due to higher asset volumes and lower customer deposits cost of funds.
Operating expenses were up 9 percentKsh.3.5 billion from Ksh.3.2billion attributable to increased investment spending on transformational digital initiatives including partnerships.
Loan impairment declined by 121 per cent reflecting the impact of a release in management overlays, primarily relating to COVID-19.