Standard Chartered Bank Kenya continues to impress with its strong performance in Q3 2024, while still solidifying its reputation as a “Dividend King” in the banking sector.
Known for rewarding its shareholders, StanChart has delivered generous dividends, with shareholders receiving a total dividend of KES 31 per share this year.
Let’s take a closer look at the specifics of how StanChart performed in Q3 2024…
A major highlight is the bank’s 62.7% increase in profit after tax, which rose to Ksh 15.85 billion. This growth was fueled by a solid rise in revenue, up 32.7% to Ksh 39.07 billion.
Both net interest income and non-interest income saw significant increases, with net interest income rising by 17% to Ksh 24.84 billion and non-interest income surging by 73.5% to Ksh 14.23 billion. These results highlight StanChart’s diverse revenue streams and its strong financial position.
Also Read: Growing Wealth, One Dividend at a Time
In lending, the bank saw a 5.4% increase in customer loans, which grew to Ksh 151.28 billion, while customer deposits fell by 4.8% to Ksh 284.42 billion. Despite the drop in deposits, StanChart maintained a healthy loan-to-deposit ratio of 53.2%, ensuring it can continue supporting its loan book effectively.
One of the standout factors in StanChart’s performance is its efficiency. The bank’s operating expenses rose by only 5.4%, far below its revenue growth, and its cost-to-income ratio of 37.5% is the lowest in the sector, showcasing its superior cost management.
Additionally, StanChart made impressive strides in risk management, reducing its gross non-performing loans (NPLs) by 48.45% to Ksh 12.14 billion, which reflects the bank’s ability to manage risks effectively.
With such strong financials and commitment to rewarding its investors, StanChart’s Q3 2024 performance solidifies its position as a dividend powerhouse and efficiency leader in the Kenyan banking sector.
