Sharp Daily
No Result
View All Result
Tuesday, October 14, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Standard Chartered Bank Kenya reports 11.3% rise in Q3 2023 profit

David Musau by David Musau
November 22, 2023
in News
Reading Time: 1 min read

Standard Chartered Bank Kenya exhibited commendable resilience in Q3’2023, navigating a challenging economic landscape with the bank’s pre tax profit rising by 11.3 percent year-on-year, resulting in an 11.8% increase in Profit After Tax (PAT) to KES 9.7 billion, compared to KES 8.7 billion in the same period last year.

“We have delivered a solid set of results for the nine months ended 30 September 2023 with Profit before Tax (PBT) increasing 11pc year on year. Strong top line growth of 20% mitigated growth in operating costs of 20% attributed to inflationary pressure and investment spend on our digital capabilities,” said Kariuki Ngari, StanChart Chief Executive Officer.

Net Interest Income (NII) experienced a significant surge of 34.5%, reaching KES 21.2 billion in Q3’2023. However, Non-Funded Income (NFI) saw a slight decrease of 6.6% to KES 8.2 billion. Total operating expenses increased by 28.4% to KES 15.8 billion, primarily due to a 193.4% rise in loan loss provisions, totaling KES 1.8 billion.

Staff costs also rose by 19.8% to KES 6.2 billion, indicative of broader operational challenges faced by businesses.

RELATEDPOSTS

Banking sector strains amid money laundering concerns

March 12, 2024

Banking sector faces crisis amid rise of non-performing loans

March 8, 2024

The bank’s balance sheet expanded by 1.0%, reaching KES 369.7 billion, driven by a 5.5% increase in net loans, totaling KES 143.6 billion. Notably, the bank’s placements in government securities decreased by 50.3% to KES 55.6 billion in Q3’2023.

Customer deposits increased by 4.5% to KES 298.8 billion, signaling growing confidence among customers despite economic challenges. while foreign exchange income demonstrated impressive growth, surging by 49.8% to KES 6.3 billion from KES 4.2 billion in Q3’2022. The Bank also declared an interim dividend of KES 6.0 per share.

Email your news TIPS to sharpdailyke@gmail.com

Previous Post

Orange and Spotify unite to bring free music streaming to Africa

Next Post

Setback for Zambia as creditors reject debt relief deal

David Musau

David Musau

Related Posts

News

Start Q4 strong with the Cytonn Money Market Fund

October 9, 2025
News

Kenya Q2’ 2025 GDP growth accelerates to 5.0%

October 3, 2025
News

Argentina’s crisis and Kenya’s lessons on political economy and market confidence

September 25, 2025
News

Kenya’s financial system remains stable but faces rising risks

September 25, 2025
News

Where do Kenyan stock returns come from? A napkin framework

September 19, 2025
News

September snapshot: CMMF yields 13.12% as month unfolds

September 5, 2025

LATEST STORIES

Embedded finance: The future of seamless financial services

October 14, 2025

World Bank Urges Kenya to Raise Excise and Carbon Taxes to Strengthen Fiscal Stability

October 13, 2025

Kenya shifts to bond financing for SGR and JKIA expansion

October 13, 2025

KESONIA: Transforming Kenya’s benchmark interest rate framework

October 13, 2025

Kenya’s NFIS 2025–2028: Advancing financial inclusion and well being

October 13, 2025

Kenya Pipeline IPO deadline extended to 2026 and what it means for the Privatization Agenda

October 9, 2025

Audit reveals gaps in Kenya’s unclaimed assets system

October 9, 2025

What Happens to Your Funds During Pension Fund Liquidation in Kenya

October 9, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024