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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