Businesses & Financial News

StanChart registers marginal profit of Sh8.2 billion

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Standard Chartered Bank Kenya Limited registered a marginal 1.7 per cent increase in net profit in the year ended 2019.

The lender announced a net profit increase from Sh8.1 billion in 2018 to Sh8.2 billion in the year ended 2019.In the same period, the net operating income increased slightly, from Sh28.6 billion to Sh28.7 billion. StanChart CEO Kariuki Ngari said the bank had put investment into digitisation of its services to good measure.

The bank’s operating expenses went up 8 per cent, which the lender attributed to investment in technology.

“Our investments to transform the bank digitally, develop and scale new business models, and build skills of strategic value to our clients continue apace,” he said.

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