Kenya: StanChart Q3 net profit rises to Sh6.4bn

Standard Chartered Bank Kenya has reported a 46.7 percent jump in net profit for the nine months to September, helped by an increase in foreign exchange earnings and reduced operating expenses.

The Nairobi Securities Exchange-listed bank recorded Sh6.35 billion in profit after tax from Sh4.33 billion posted in a similar period last year.

The growth has been attributed to a 33.8 percent rise in foreign currency trading to Sh2.53 billion, helping shore up the non-interest income.

The non-interest income, which also includes fees and commissions from the bank and mobile banking transactions, increased by 19.1 percent to Sh7.56 billion.

High demand for dollars by traders after the reopening of the global economy and muted credit extension to the private sector due to Covid-19 uncertainties has seen commercial banks direct their cash to risk-free investments like government securities.