Standard Chartered bank has recorded a Kes12.1 billion profit for the full year ended December 31, 2022, a 34% increase compared to the Kes9 billion reported in the same period in 2021.

The lender has attributed the growth to strong top-line growth with operating income up by 16 per cent to Kes34 billion from Kes29.2 billion.

On the other hand, the Bank’s net interest income grew by 18 per cent to Kes22.2 billion attributed to asset volumes growth and expansion in net interest margins as interest rates rose.

Further, non-interest income increased by 13 per cent to Kes11.8billion attributed to favourable market movements and strong performance in the Wealth Management business.

Standard Chartered bank CEO Kariuki Ngari noted that the operating expenses increased 8 per cent to Kes15.6 billion reflecting the impact of inflation and increased investment spending on digital capabilities despite the higher income.

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“ I am particularly pleased with our discipline around expenses that helped us navigate the inflationary pressures of 2022 but still allowing us room to invest in our digital capabilities,” he said.

In the year ended December 2022, loans and advances to customers increased by 11 per cent to Kes139.4 billion.

Additionally, deposits from customers increased by 5 per cent to Kes278.9 billion.

The Bank has proposed a final dividend of Kes16 per share for the period under review in addition to the interim dividend of Kes6 per share paid in December 2022.