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.
CEO & Co-Founder, Abojani Investment
Robert Ochieng is a visionary entrepreneur and the co-founder of Abojani Investment, a leading financial education platform in Kenya that has empowered over 20,000 Africans to embark on their investment journeys. As CEO, he has demonstrated an unwavering commitment to financial literacy, successfully demystifying money and investments and making them accessible and relevant to individuals from all walks of life.
Running Thriving Investment Communities
Robert’s influence extends well beyond Abojani Investment’s core offerings. He has actively fostered a sense of community by running investment forums and groups with a vast following of over 300,000 Africans. These communities provide a safe space for individuals to exchange ideas, share experiences, and support each other on their investment journeys.
Vision for the Future
As co-founder of Abojani Investment, Robert envisions a financially empowered Africa. He strives to expand the reach of his financial education initiatives, enabling millions more to gain the knowledge and confidence needed to achieve their financial goals. His vision is to create a society where every individual has the tools and understanding to build lasting wealth and prosperity.
Professional Background
Robert Ochieng is a highly accomplished CEO at the helm of Abojani Investment, an investment and advisory firm in Kenya. He is a seasoned professional with over 14 years of experience in IT, Finance, and leadership.
His career includes key roles at prominent institutions such as Equity Bank, Gulf African Bank, Guaranty Trust Bank (GTBank) and Airtel.
Robert’s expertise has also been sought after by the National Treasury for consultancy on planning and budgeting systems, showcasing his exceptional knowledge and skills in the field. Passionate about driving meaningful conversations and collaborations between academia, industry, and the public sector, Robert actively engages in research projects focusing on digital transformation within the financial services sector. With his visionary leadership and strategic insights, Robert Ochieng continues to make a significant impact in the business world.
