Standard Chartered Bank of Kenya, a unit of Standard Chartered Plc, said on Wednesday its nine-month pretax profit fell 20 percent as it set aside more money for bad loans and operating costs jumped.
Standard Chartered pretax profit falls as provisions rise
The bank said group pretax profit fell to 8.96 billion shillings ($87.8 million) for the nine-months ended Sept. 30 from 11.22 billion shillings a year earlier.
Loan-loss provisions rose nearly 50 percent to 1.69 billion shillings, while operating expenses increased about 15 percent to 9.84 billion shillings.
The bank said its exposure to net non-performing loans stood at 545.8 million shillings at the end of September, lower than the 898.9 million shillings a year earlier.
Group net interest income also rose slightly to 13.47 billion shillings from 13.31 billion shillings.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Court permits Nigerian to amend $150m case against Google, GoDaddy
Delta monarch declared wanted over Okuama killings regain freedom
Tinubu endorses 3 frameworks to educate Nigeria's out-of-school children
Anxiety as APC confirms Ganduje's chairmanship status
Mysterious illness kills 8 people in Sokoto - no one can explain why
Child labour problem in Nigeria worst in Southeast, Northwest
Over 600,000 Nigerians are being forced to work against their will
Gov Mbah plans befitting burial for Nollywood stars Mr Ibu, Junior Pope
Tinubu made naira world’s best, what PDP failed to do in 16 years - Onanuga
Pulse Sports
Lionel Messi's son breaks the internet after scoring five goals for Inter Miami
Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe
Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024
ADVERTISEMENT