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StanChart half year profit up 34 pc

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Standard Chartered Bank Kenya has recorded a profit jump of Sh7.5 billion profit before tax for the half year ended June 2016, compared to Sh 5.6 billion the lender posted over a similar period last year.

The bank attributed the strong performance to growth in income which registered, 19 per cent to record Sh 14.5 billion.

“The performance in the first half has been strong reflecting the good progress we are making on the strategic actions we set out in November 2015. Our underlying business volumes generally remain strong, and we are rebuilding the balance sheet with good quality assets, and our capital position remains strong,” said Lamin Manjang, Standard Chartered Chief Executive Officer.

The bank’s Retail Banking segment contributed 45 per cent of total income with the best performance of 21.2 per cent year-on-year driven by growth in mortgages and lending to small businesses.

“We are revamping our digital capabilities to enhance client experience and improve efficiency.

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We have improved our client service through the roll out of Retail Workbench, our award winning iPad-based on-boarding platform. Additionally, we are actively rolling out our most advanced mobile and on-line banking platforms,” said Manjang. .

The Corporate & Institutional Banking, which contributed 46 per cent to total income, also had strong growth with income up 12.3 per cent year-on-year. This was driven by strong foreign exchange growth as well as growth in income from government securities.

The Bank’s underlying costs grew 6.7 per cent in line with inflation, investments in digital capabilities and optimizing branch network.

Mr Manjang said the strong capital base with a total capital ratio of 21.6 per cent positions the Bank well to continue taking advantage of opportunities for business growth as well as making healthy returns to investors.

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