Standard Chartered Bank Kenya Profit Grows on Increased Lending
Standard Chartered Bank Kenya Ltd. (SCBL), the nation’s fourth-biggest lender by market value, said full- year profit rose 38 percent on increased lending to companies and individuals.
The lender, a unit of London-based Standard Chartered Plc (STAN), reported net income of 8.07 billion shillings ($95 million) in 2012, compared with 5.84 billion shillings a year earlier, Managing Director Richard Etemesi said today in an e-mailed statement. Net interest income surged 41 percent to 14.2 billion shillings as loans and advances jumped 17 percent to 112.7 billion shillings, Etemesi said.
“Our performance has been driven by good levels of client and customer activity, leading to double-digit income growth in both consumer and wholesale-banking businesses,” he said.
Banks in Kenya, East Africa’s largest economy, boosted loan income last year as economic growth accelerated to an estimated 4.5 percent from 4.4 percent a year earlier and after the central bank raised interest rates to a record 18 percent to curb inflation and help stabilize the shilling.
Standard Chartered’s shares have rallied 28 percent so far this year compared with a 24 percent gain on the Nairobi Securities Exchange All-Share Index. (NSEASI)
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