StanChart's pretax profit jumps 31 pct in first quarter
30 May 2014, 08:16
Nairobi - Standard Chartered Bank of Kenya raised its pretax profit in the first quarter by almost a third to 3.6 billion shillings ($41 million), compared to the same period a year earlier, the lender said on Thursday.
The bank, which is controlled by Standard Chartered Plc, grew its net interest income by 19 percent during the period to 4.5 billion shillings, it said in a statement.
Lamin Manjang, the bank's chief executive, said he expected the first quarter momentum in the business to gather pace as the year goes on, due to opportunities in infrastructure construction as well as in the energy and manufacturing sectors.
Non-performing loans rose to 11.2 billion shillings during the first quarter, from 2.2 billion shillings in the same period last year, as a small number of large borrowers experienced difficulties.
"While we do not see a broad-based deterioration in asset quality, we have increased the number of clients subject to additional, precautionary monitoring," the bank said.