StandChart Q3 profit after tax up 63pc to Ksh 15.8B

 

Third quarter results by the lender shows that the profit growth from Ksh 9.7 billion reported last year was driven by stronger growth in the funded and non-funded income streams which saw total operating income rise by 33pc to Ksh 39 billion from Ksh 29 billion reported last year.

Gross profits during the period also rose by the same margin, from Ksh 13.7 billion to Ksh 22.5 billion.

“We have delivered a strong performance in the third quarter with profit before tax up 64 per cent driven by strong topline growth, and well managed costs,” said Kariuki Ngari, StanChart Chief Executive Officer.

Non-funded income from fees, commissions and forex grew by 74pc, from Ksh 8.2 billion to Ksh 14.3 billion while net interest income surged by 17pc to reach Ksh 24.8 billion from Ksh 21.2 billion.

We are optimistic as we get into the fourth quarter of an improving macroenvironment characterized by declining interest rates, falling inflation and stable currency. We are well positioned to help our clients through this phase and are confident of a strong finish to the year,” added Ngari.

During the period, customer loans and advances declined by 7pc to ksh 151.3 billion from Ksh 163 billion as deposits also shrunk by 17pc to Ksh 294 billion from Ksh 342.9 billion.

By Ronald Owili