Standard Chartered records 5.3pc net profit in first half - KBC

Standard Chartered Bank Kenya recorded a 5.3 percent growth in net profit during the first six months of this year to 4.7 billion shillings helped by lower total interest expense.

The lender booked a seven percent decline in interest income to 12.7 billion shillings driven by lower investment in government securities and declining yields.

StanChart’s total interest expense decreased by 26 per cent to 2.9 billion shillings.

With the interest cap still in effect for the last 3 years, banks have opted to increase their investments in government securities in efforts aimed at avoiding risk averse lenders.

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