Standard Chartered Bank has recorded 44 per cent growth in after-tax profit in the first quarter of 2016. The bank announced a net profit of Sh2.6 billion compared to Sh1.8 billion posted in a similar period a year earlier.
It’s interest income grew to Sh6.4 billion in the review period from Sh5.4 billion. Customer deposits jumped by Sh12.5 billion to Sh184.5 billion. Nonetheless, Stanchart’s loan book loan book fell to Sh109.7 billion from Sh. 104.3 billion.
“Customer loans and advances are down 4.6 per cent as we continue to focus on disciplined balance sheet management and more selective asset origination,” Stanchart said in a statement. “The first quarter performance has been strong, reflecting good results from the actions taken during 2015 to improve income trends.”