Standard Chartered Bank Q1 net profit up 45.7% to Ksh.4 billion

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Standard Chartered Bank Kenya saw its quarter one financial gain, when it posted a 45.7 percent increase in net profit to Ksh.4 billion.

Total revenues rose  45.2 percent to Ksh.10.76 billion and non-interest-funded income grew ahead of interest income at 55.5 percent to hit Ksh.3.9 billion compared to the previous like period.

Customer deposits in the review period grew by 14.2 percent to Ksh.302.9 billion from Ksh.265.4 billion a year prior.

Non-interest expenses grew by 47.2 percent from Ksh.3.5 billion to Ksh.5.1 billion largely from an acceleration in loan-loss provisioning to Ksh.790.9 million.

Gross non-performing loans were only up marginally to Ksh.22.59 billion from Ksh.22.56 billion in March last year.

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Lawrence Baraza is a prolific writer with competencies in Digital Media, Print, and Broadcast. Baraza is also a Communication Practitioner currently spearheading Digital content on Metropol TV's Digital Desk.

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