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MarketsNews

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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EconomyNews

Banks exposure to GoK debt cut to a decade low

Local Kenyan lenders are holding the smallest portion of state debt in almost ten years as banks dump government securities on rate hikes, heightened risk of default and the possibility of restructuring. Central bank data shows the portion of domestic debt held by banks stood at 45.64 percent in April down from 54.8 percent in June 2020.   The last time banks held less than 50 percent of domestic debt was 49.4 percent in March 2014, and have been accumulating risk free state debt over the decade, (especially during the rate cap era) to a high of 57.8 percent in July 2015. Kenyan banks hold Kes2…

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