first quarter 2023


StanChart quadruples returns from deposits with local banks

Standard Chartered Group saw a four fold increase in interest earning deposit accounts with local lenders, powering the bank’s 43 percent jump in net profit to Kes5.63 billion in the three months to March from Kes3.92 billion in the same period last year. Income from deposits with other banks grew to Kes1.12 billion from Kes296 million reported in March 2022. StanChart reported increase in the deposits and balances due from local institutions which stood at Kes1.76 billion in March 2023 compared to Kes9.6 million during the first quarter 2022. In Kenya, banks are having a challenge getting cash from other lenders due to a dysfunctional…

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Equity’s first-quarter profit up 8 percent to Sh12.8 billion

Regional lender Equity Group has reported an eight percent jump in net earnings to Kes12.8 billion in the period ended March 30 on higher income. In the period under focus, the lender saw a 21 percent surge in interest income to close the quarter at Kes32.4 billion compared to Kes26.7 billion reported during the comparable quarter last year. “Customer deposits grew to Kes1.11 trillion up from Kes900 billion while the loan book grew to Kes756 billion up from Kes623 billion,” Equity Group CEO Dr James Mwangi said. Equity Group’s net loans went up by 21 percent to Kes756 billion from Kes623.6 billion. “Our NPL is…

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