Standard Chartered Kenya projects growth in 2024, citing a strong 2023 profit rise, stable inflation, and digital banking success.
Standard Chartered Bank Kenya is optimistic about 2024, driven by improving domestic and international economic conditions.
Kariuki Ngari, the bank’s Chief Executive Officer, expressed confidence following a 15% rise in pre-tax profit for 2023, which reached KSh 19.6 billion (approximately US$141.31 million). This growth was primarily fueled by increased loan revenue, marking a strong financial year for the bank.
During the same period, the bank reduced its investments in local government bonds by 8% to KSh 108.5 billion, reallocating those funds toward customer loans and advances, which rose by 17%, supported by an increase in customer deposits.
Chemutai Murgor, the bank’s Chief Financial Officer, told investors during a briefing in Nairobi that net interest income surged by nearly 33%, while total operating income climbed by almost 25%.
Key factors driving this upbeat forecast include:
- A stabilising Kenyan shilling
- Falling inflation levels
- The reopening of international debt markets to frontier economies like Kenya
“These are all encouraging signs,” Ngari noted, adding that the bank is well-positioned to leverage the improved conditions.
The bank’s continued focus on digital transformation and innovative financial solutions is also expected to further boost performance. Standard Chartered’s digital-first strategy has already yielded measurable results, enhancing both operational efficiency and customer satisfaction.
Keywords:
Standard Chartered Kenya, Pre-tax Profit Growth, Digital Transformation, Economic Outlook 2024