Stanchart profit up 70%, highest in five years

Standard Chartered Bank Kenya has reported a 70 percent jump in profit before tax in its 2021 full-year earnings, the highest rate in five years driven by lower costs and resilient income.

The lender recorded the highest income in 5 years with operating income going up 7 percent from Ksh.27.4 billion to Ksh.29.2 million driven by non-interest income which increased by 25 percent.

Profit After Tax increased by 67 percent with customer deposits increasing by 4 percent during that period from Ksh.256.5 billion to Ksh.265.5 billion.

Loan loss provisions on the other hand reduced by 46% from Ksh.3.9  billion to Ksh.2.1 billion

Earnings per share increased by 68 percent Year on Year from Ksh.13.95 to Ksh.23.49.

As a result the Board will be recommending the payment of a final dividend of Ksh.14.00 for every ordinary share of Ksh.5.

This comes following an interim dividend of Ksh. 5 that was declared and paid in December last year.

If adopted by the shareholders, the bank will pay a total dividend of Ksh.19 per ordinary share for the year.

The bank has expressed mixed feelings about the performance of 2022 due to the geopolitical tension in Ukraine and the coming elections that might affect their business but remain hopeful of the bank’s performance.

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