Standard Chartered Bank has announced an impressive financial performance for the first half of the year, with its net profit for the half-year ending in June rising by 28 per cent to Sh6.9 billion.

This substantial growth compared to the previous year's corresponding period has been attributed to a robust increase in the topline.

The bank's profit after tax has shown a significant uptick from Sh5.4 billion in the six months leading up to June 2022.

The remarkable financial results were driven by remarkable growth in net interest income and non-interest revenue.

Net interest income witnessed a surge of 38 per cent to reach Sh14.6 billion, while non-interest revenue jumped 27 per cent, amounting to Sh7 billion.

Read More

  1. Florence Nyokabi's tenure as Safaricom Chief Human Resources Officer starts
  2. Standard Chartered Bank pre-tax profit surges 15 per cent to Sh19.7 billion in 2023
  3. Standard Chartered Marathon 2023 winners awarded as race eyes elite status

In the words of the Chief Executive Officer, Kariuki Ngari, "We have delivered a strong financial performance in the first half of the year, and we have achieved these results by focusing on our clients, supporting our colleagues and staying true to our brand promise, here for good."

Ngari emphasized the bank's commitment to its core values and principles, which have contributed to the successful outcome.

Despite acknowledging external macroeconomic challenges, both on a global and local scale, Ngari expressed optimism about the bank's future prospects.

"With inflation starting to cool off and the measures being taken by both the monetary and fiscal authorities to stabilize our economy, we are optimistic of a better external environment in the second half of the year," he noted.

This positive outlook reflects the bank's confidence in the ongoing efforts to create a conducive economic landscape.

The bank's net loans and advances to customers also saw growth, increasing by four per cent to Sh145 billion from December 31, 2022.

Additionally, customer deposits experienced a modest increase of 2 per cent.

Ngari reaffirmed the bank's strategic priorities moving forward, stating, "We will remain focused on executing our strategy focusing on the 4 pillars of the network, affluent, mass retail, and sustainability."

As Standard Chartered Bank continues to demonstrate its commitment to growth and stability, these robust financial results for the first half of the year stand as a testament to its effective strategies and resilient approach in the face of evolving economic conditions.