Standard Chartered Bank recorded a Kes 13.84 billion net profit for the full year (FY) ending December 2023, representing a 15 percent increase compared to the same period in 2022.

The lender attributed the increase to foreign currency trading, increased digital investments, and growth in its balance.

Standard Chartered Bank Chief Executive Officer (CEO), Kariuki Ngari, averred that the strong performance is attributable to the measures, such as leveraging technology and green financing.

“Even amidst the difficulties that 2023 presented, there were opportunities and we took advantage of them. We thank the board and the wider investor community for ensuring we stay true to our strategy.”

Standard Chartered Bank's total exposure to the Central Bank of Kenya (CBK) and government securities subsequently stood at Kes 108.5 billion (25 percent of total assets) last year, compared to Kes 125.5 billion in a similar period the previous year.

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This is an 8 percent reduction, largely reinvested in customer assets, which have increased by 17 percent year over year.

On the other hand, its year-on-year expenses increased by 20 percent, attributable to inflationary pressures, currency depreciation, business growth, and targeted investments.