By Standard Chartered Kenya Reports 43% Profit Growth In 2024
Record Growth and Strategic Execution
Standard Chartered Bank Kenya released its 2024 financial results, reporting a 43% increase in profit before tax. CEO Kariuki Ngari credited this growth to strong topline performance, business momentum, and strategic execution. The bank leveraged its cross-border capabilities for corporate clients and wealth solutions for affluent customers.
“We delivered record results in 2024 by driving business growth, managing costs effectively, and executing our strategy with precision,” Ngari said.
Financial Highlights
- Operating income grew 21%, fueled by:
- Net interest income rising 13%, driven by higher volumes and improved margins.
- Non-interest income surging 40%, due to increased transaction volumes and margins in key segments.
- Operating expenses increased 8%, mainly from inflationary pressure and digital transformation investments.
- Loan impairment losses dropped 30%, reflecting strong recoveries and prudent loan book management.
Standard Chartered Kenya Reports 43% Profit Growth In 2024
Strong Balance Sheet and Liquidity
- Net loans and advances fell 7%, due to a stronger Kenya Shilling and lower client utilization.
- Customer deposits declined 14%, impacted by reduced balances and currency revaluation.
- Liquidity ratio at 67.59%, significantly above the 20% regulatory minimum.
- Total capital ratio at 19.55%, exceeding regulatory requirements.
Dividend Payout
The Board recommends a final dividend of KShs 37.00 per share, bringing the total 2024 dividend to KShs 45.00, a 55% increase from 2023. Shareholders will vote on this at the upcoming Annual General Meeting.
Looking Ahead
Standard Chartered remains committed to its client-first strategy, supporting Kenya’s economic stability and navigating global challenges. “With a stabilizing economy and reducing interest rates, we are well-positioned for sustainable growth,” Ngari said, thanking employees for their dedication.
Lastly, Standard Chartered Kenya remains focused on innovation, digital transformation, and customer-centric solutions. Standard Chartered Kenya remains focused on innovation, digital transformation, and customer-centric solutions.
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