StanChart Bank Kenya’s first-half net profit rose 51%

StanChart Bank Kenya has reported a remarkable increase in net earnings for the first half of the year, reaching 4.8 billion Kenyan shillings as compared to 3.2 billion Kenyan shillings in the same period last year, marking a substantial 50% increase. The bank's Chief Financial Officer, Chemutai Murgor, discussed the factors driving this impressive performance and the strategic initiatives in place to support continued growth in an interview with CNBC Africa. Murgor highlighted the rebound in economic fundamentals in Kenya, with GDP estimated to grow by 5.6% this year, contributing to increased customer demand and business activities. Despite lingering challenges from the ongoing pandemic, there is a sense of optimism as vaccination efforts pave the way for economic recovery. In terms of the bank's performance drivers, Murgor attributed the strong growth in revenues, effective cost management, and a significant reduction in loan impairments as key factors. The bank's profit before tax rose by 33% year on year, showcasing the efficiency of its operational strategies. Additionally, Murgor emphasized the bank's commitment to supporting customers through the pandemic while maintaining a focus on maximizing shareholder value. With a robust capital position and liquidity, StanChart Bank Kenya is well-positioned to capitalize on the growth opportunities ahead. Looking ahead, the bank plans to continue enhancing its customer propositions and expanding its wealth business, which has shown significant growth in assets under management. By prioritizing strategic initiatives and leveraging its unique market position, the bank aims to drive future growth and capitalize on emerging opportunities in the market.