StanChart Kenya Registers 16.7% YoY Raise in Net Profit of Q1 2022

StanChart Kenya recorded a Net Profit of KSh 2.8 billion at the end of March this year, compared to KSh 2.4 billion over a similar period last year, an increase of 16.66%.

The Nairobi listed lender recorded a rise in the size of its balance sheet from KSh 339.3 billion in Q1, 2021 to KSh 340.9 billion in Q1, 2022.

Customer Deposits remained flat, rising from KSh 265.2 billion in Q1 2021 to KSh 265.4 billion at the end of the first quarter of this year.

Total interest income, derived mainly from loans to customers and the sale of Government paper, increased from KSh 5.6 billion to KSh 5.7 billion during the period under review.

The lender, controlled and owned by UK's Standard Chartered Plc, said in a statement that its Net Interest Income rose 7% to KSh 4.92 billion, while loan impairments fell 121% to KSh 86 million.

StanChart Kenya's Non-Interest Income from fees and commissions, forex trading, dividends and others increased from KSh 7.1 billion to KSh 7.4 billion at the end of March 2022.

StanChart Kenya increased net loans to customers from KSh 117.9 billion in Q1 2021 to KSh 128.1 billion in Q1 2022.

(Source: The Kenya Wall Street)