Standard Chartered – Full Year 2022 results

The Standard Chartered Bank Kenya Limited recently released its results for the year ended 31 December 2022. Kariuki Ngari, Chief Executive Officer, said: “We have delivered a strong set of results in 2022, with profit before tax up by 36 per cent, with business momentum driving top-line growth of 16 per cent. Our Wealth Management, Transaction Banking and Financial Markets products performed strongly. I am particularly pleased with our discipline around expenses that helped us navigate the inflationary pressures of 2022 but still allowing us room to invest in our digital capabilities. Our costs were up by 8 per cent in comparison to the double-digit growth in income of 16 per cent, enabling us to deliver a strong income-to-cost jaws of 8 per cent.”

Kariuki Ngari – Chief Executive Officer (CEO) – Standard Chartered Bank, Kenya during the release of the Standard Chartered Financial Results 2022.

Standard Chartered Summary Financial Performance

Here are the main highlights from the financial results;

  • The operating income increased 16 percent.
  • Net interest income increased 18 per cent due to asset volumes growth and expansion in net interest margins as interest rates rose.
  • Non-interest income increased 13 per cent due to favourable market movements and strong performance in the Wealth Management business.
  • Operating expenses increased 8 per cent reflecting the impact of inflation as well as increased investment spend on digital capabilities.
  • Underlying credit metrics improved as the economic conditions stabilised and impairment losses declined by 38 per cent.

Asset quality remained stable. However, the bank continues to be alert to a volatile, unpredictable, and challenging external environment.

  • Loans and advances to customers was up 11 per cent reflecting increased business activities by our clients.
  • Deposits from customers continued to grow, up by 5 per cent and funding quality remains high with current and savings accounts making up 93 per cent of total customer deposits.
The Bank delivered a strong performance in 2022
KShs billion31.12.202231.12.2021YoY
Net interest income            22.2             18.818
Non funded income            11.8             10.413
Total operating income            34.0             29.216
Operating expenses          (15.6)           (14.5)8
Loan impairment            (1.3)             (2.1)(38)
Profit before tax            17.1             12.636
Tax            (5.0)             (3.6)39
Profit after tax            12.1               9.034
KShs billion31.12.202231.12.2021(Decrease)
Balance Sheet%
Loans and advances to customers139.4126.011
Customer deposits278.9265.55
Loans to deposits ratio50%48%200bps
Core capital (KShs billion)            42.1            40.8
Core capital ratio15.36%15.53%(17) bps
Total capital (KShs billion)            47.4            46.7
Total capital ratio17.28%17.76%(48) bps

Also Read: Standard Chartered Bank Kenya – The Full Year 2020 Results.



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