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.
A fuel attendant handles Kenyan shilling notes at a petrol station in the capital Nairobi March 15, 2011. REUTERS/Noor Khamis
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.
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