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

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.

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.


Eyewitness? Submit your stories now via social or:


Recommended articles

We have paid N6 billion gratuity arrears since 2017 - Akeredolu

Lawmakers investigating Twitter suspension express support for social media regulation

Saudi Arabia donates $1m worth of medical equipment to Nigeria's FG

ECOWAS court stops FG from punishing Nigerians disobeying Twitter suspension

APC UK urges Igboho to shelve July 3 'Yoruba Nation' rally in Lagos

2 dead, 13 vehicles burnt in tanker explosion on Lagos-Ibadan Expressway

Buhari seeks Senate’s approval of 2021 Supplementary Budget of N895.8bn

CAN calls for end to secession agitations in Nigeria

Former House of Reps member Farouk Lawan jailed 7 years for bribery