StanChart raises dividend payout as net profit hits Sh13.8bn

 

Standard Chartered Bank Kenya has raised its dividend payout by 31.8 percent to Sh29 per share after net profit for the financial year ended December 2023 rose 15 percent to Sh13.8 billion.

The lender, which had in December paid a Sh6 per share interim dividend, has increased the final payout to Sh23 per share from Sh16 paid a year earlier.

The increased dividend came in the period net profit grew to Sh13.8 billion from Sh12.1 billion posted in the preceding similar period.

The total dividend payout amounts to Sh10.96 billion or 79.4 percent of the net profit compared with Sh8.31 billion that had been paid on the 2022 net earnings.

StanChart posted a 32 percent rise in net interest income to Sh29.3 billion on increased lending. Non-interest income also rose six percent to Sh12.4 billion to increase the operating income.

Operating expenses, however, grew 20 percent to Sh18.7 billion from Sh15.6 billion driven by inflationary pressure on customers, depreciation of the shilling against major currencies and increases in targeted investments especially towards digital offering.

By PATRICK ALUSHULA