Standard Chartered Kenya also known as StanChart, is one of the largest financial providers in Kenya. The bank which received its banking licence in 1910 is the 5th largest commercial bank in the country.StanChart announced a net profit of KSh. 6.4 billion for the 9 month period till September 2012 which is a 66.7 percent increase over the figure of KSh. 3.9 billion net profit for the same period in 2011. The total income which stood at KSh. 16.2 billion registered a 42 percent increase over last year.
Richard Etemesi, CEO StanChart said that the improved performance could be attributed to the following of a clear and steady plan of investing for growth, of disciplined management of capital, liquidity, costs, and risks.
He said that they had remained disciplined on costs and processes and innovative on products and services. Their improved technology platforms have enabled them to serve new business segments and respond to the changing business environment.
He added that the bank had seen ample income growth year-on-year with Consumer Banking revenue growing by 29 percent while Wholesale Banking revenue grew by 54 percent.
StanChart’s loans and advances grew by 8 percent to KSh. 101.6 billion due to growth in both the consumer and corporate assets.
StanChart’s cost income ratio decreased to 39 percent in the third quarter of 2012 as compared to 48 percent in the same period in 2011.
Commenting on the outlook for the rest of the year Etemesi said that they would remain vigilant about the global outlook and the uncertainties in the political and economic scenario of Kenya. He said that they would continue to look for opportunities and make the right moves to build and grow the business. The bank has however not declared an interim dividend.
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