Standard Chartered Bank recorded Kes 22.5 billion in Profit before Tax in the third quarter, representing a 64 percent increase compared to the same period last year.
The lender attributed the growth to increased operating income and controlled expenses.
Standard Chartered Bank Chief Executive Officer (CEO) Kariuki Ngari attributed the remarkable performance to robust top-line growth and efficient cost management.
He emphasized the bank’s commitment to supporting its clients in navigating the challenging economic climate by identifying opportunities for growth and wealth creation.
“We have delivered a strong set of results in the nine months to September 2024 against a challenging macro environment by helping our clients navigate through these challenges and find opportunities to grow their business and wealth,” Ngari said.
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Operating income surged by 33%, fueled by a 17% growth in net interest income and a remarkable 74% increase in non-interest income.
Likewise, operating expenses increased marginally by 5%, while loan impairment charges rose by 7% year-on-year, reflecting a prudent approach in managing the bank’s portfolio.
