StanChart's profit after tax up 15 percent to Sh13.84 billion

Source: Capital FM Kenya
Author: Phidel Kizito

NAIROBI, Kenya, Mar 12 - Standard Chartered Bank has posted a profit after tax of Sh13.84 billion for the full year (FY) ending December 2023, translating to a 15 percent jump compared to a similar period in 2022.

This has primarily been driven by foreign currency trading and an increase in investment in digital investments, as well as growth in itsbalance.

Its CEO, Kariuki Ngari, averred that the strong performance is attributable to the measures put in place, 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," said Ngari.

The lender's total exposure to the Central Bank of Kenya (CBK) and government securities subsequently stood at Sh108.5 billion (25 percent of total assets) last year, compared to Sh125.5 billion in a similar period the previous year.

This is a reduction of 8 percent, largely reinvested in customer assets, which have gone up by 17 percent year-on-year.

On the flip side, its year-on-year expenses went up by 20 percent, attributable to inflationary pressures, currency depreciation, business growth, and targeted investments.