Standard Chartered Bank Kenya Limited
The Board of Directors of Standard Chartered Bank Kenya Limited is pleased to announce the un-audited results of the Bank and the Group for the three month period ended 31 March 2023
STATEMENT OF FINANCIAL POSITION | BANK | GROUP | OTHER DISCLOSURES | BANK | |||||||||
31.03.2023 | 31.12.2022 | 31.03.2022 | 31.03.2023 | 31.12.2022 | 31.03.2022 | 31.03.2023 | 31.12.2022 | 31.03.2022 | |||||
KShs.000 | KShs.000 | KShs.000 | KShs.000 | KShs.000 | KShs.000 | KShs.000 | KShs.000 | KShs.000 | |||||
Un-audited | Audited | Un-audited | Un-audited | Audited | Un-audited | Un-audited | Audited | Un-audited | |||||
ASSETS | 1) NON-PERFORMING LOANS AND ADVANCES | ||||||||||||
Cash (both local and foreign) | 3,489,983 | 3,457,845 | 3,212,990 | 3,489,983 | 3,457,845 | 3,212,990 | a) Gross non-performing loans and advances | 22,597,977 | 22,577,388 | 22,568,597 | |||
Balances due from Central Bank of Kenya | 12,515,308 | 19,799,461 | 13,720,693 | 12,515,308 | 19,799,461 | 13,720,693 | b) Less: Interest in suspense | 9,301,240 | 9,539,146 | 8,887,583 | |||
Kenya Government and other securities held for dealing purposes | 2,171,589 | 965,720 | 12,217,565 | 2,171,589 | 965,720 | 12,217,565 | c) Net non-performing loans and advances (a-b) | 13,296,737 | 13,038,242 | 13,681,014 | |||
Financial assets at fair value through profit and loss | 828,358 | 421,705 | 378,937 | 828,358 | 421,705 | 378,937 | d) Less: loan loss provisions | 10,309,882 | 10,131,278 | 9,579,475 | |||
Investment securities: | e) Net non-performing loans (c-d) | 2,986,855 | 2,906,964 | 4,101,539 | |||||||||
a) Amortised cost: | f) Realizable value of securities | 2,186,417 | 2,268,159 | 3,358,330 | |||||||||
i. Kenya Government securities | - | - | - | - | - | - | g) Net NPLs exposure (e-f) | 800,438 | 638,805 | 743,209 | |||
ii. Other securities | - | - | - | - | - | - | 2) INSIDER LOANS AND ADVANCES | ||||||
b) Fair value through other comprehensive income (FVOCI) | a) Directors, shareholders and associates | 24,923 | 55,704 | 76,114 | |||||||||
i. Kenya Government securities | 92,900,668 | 104,731,162 | 89,148,941 | 92,900,668 | 104,731,162 | 89,148,941 | b) Employees | 6,241,720 | 6,398,783 | 6,357,136 | |||
ii. Other securities | - | - | - | - | - | - | c) Total insider loans, advances and other facilities | 6,266,643 | 6,454,487 | 6,433,250 | |||
Deposits and balances due from local banking institutions | 1,765,355 | - | 9,665 | 1,765,355 | - | 9,665 | 3) OFF-BALANCE SHEET ITEMS | ||||||
Deposits and balances due from banking institutions abroad | 706,807 | 428,089 | 165,128 | 706,807 | 428,089 | 165,128 | a) Letters of credit, guarantees and acceptances | 77,172,761 | 71,140,599 | 69,949,446 | |||
Tax recoverable | 913,569 | 913,568 | 913,568 | 950,588 | 1,022,677 | 1,002,662 | b) Forwards, swaps and options | 24,313,973 | 25,759,087 | 49,837,482 | |||
Loans and advances to customers (net) | 137,112,959 | 139,412,560 | 128,092,637 | 137,112,959 | 139,412,560 | 128,092,637 | c) Other contingent liabilities | - | - | - | |||
Balances due from banking institutions in the group | 121,732,879 | 96,602,123 | 77,373,009 | 121,267,941 | 96,121,186 | 77,167,727 | d) Total contingent liabilities | 101,486,734 | 96,899,686 | 119,786,928 | |||
Investments in associates | - | - | - | - | - | - | 4) CAPITAL STRENGTH | ||||||
Investments in subsidiary companies | 145,243 | 145,243 | 145,243 | - | - | - | a) Core capital | 45,588,839 | 42,132,719 | 41,394,183 | |||
Investments in joint ventures | - | - | - | - | - | - | b) Minimum statutory capital | 1,000,000 | 1,000,000 | 1,000,000 | |||
Investment properties | - | - | - | - | - | - | c) Excess/(deficiency) | 44,588,839 | 41,132,719 | 40,394,183 | |||
Property and equipment | 3,121,956 | 3,182,732 | 3,331,855 | 3,121,956 | 3,182,732 | 3,331,855 | d) Supplementary capital | 4,496,688 | 5,271,363 | 6,128,074 | |||
Prepaid lease rentals | - | - | - | - | - | - | e) Total capital (a+d) | 50,085,527 | 47,404,082 | 47,522,257 | |||
Intangible assets | 4,563,640 | 4,103,224 | 4,240,205 | 4,563,640 | 4,103,224 | 4,240,205 | f) Total risk weighted assets | 285,685,611 | 274,257,322 | 269,631,254 | |||
Deferred tax asset | 3,173,238 | 4,027,556 | 2,543,989 | 3,237,476 | 4,117,708 | 2,619,413 | g) Core capital/total deposit liabilities | 15.05% | 15.11% | 15.60% | |||
Retirement benefit asset | - | - | - | - | - | - | h) Minimum statutory ratio | 8.00% | 8.00% | 8.00% | |||
Other assets | 3,889,771 | 3,439,658 | 5,500,800 | 4,003,446 | 3,495,946 | 5,604,441 | i) Excess/ (deficiency) (g-h) | 7.05% | 7.11% | 7.60% | |||
TOTAL ASSETS | 389,031,323 | 381,630,646 | 340,995,225 | 388,636,074 | 381,260,015 | 340,912,859 | j) Core capital/total risk weighted assets | 15.96% | 15.36% | 15.35% | |||
LIABILITIES | k) Minimum statutory ratio | 10.50% | 10.50% | 10.50% | |||||||||
Balances due to Central Bank of Kenya | - | 6,992,340 | - | - | 6,992,340 | - | l) Excess/(deficiency) (j-k) | 5.46% | 4.86% | 4.85% | |||
Customer deposits | 302,948,692 | 278,879,309 | 265,381,349 | 302,948,692 | 278,879,309 | 265,381,349 | m) Total capital/total risk weighted assets | 17.53% | 17.28% | 17.62% | |||
Deposits and balances due to local banking institutions | 39,852 | 6,286,259 | 82,014 | 39,852 | 6,286,259 | 82,014 | n) Minimum statutory ratio | 14.50% | 14.50% | 14.50% | |||
Deposits and balances due to foreign banking institutions | 363,887 | 201,865 | 218,930 | 363,887 | 201,865 | 218,930 | o) Excess/(deficiency) (m-n) | 3.03% | 2.78% | 3.12% | |||
Other money market deposits | - | - | - | - | - | - | p) Adjusted core capital/total deposit liabilities* | 15.08% | 15.14% | 15.64% | |||
Borrowed funds | - | - | - | - | - | - | q) Adjusted core capital/total risk weighted assets* | 15.99% | 15.40% | 15.39% | |||
Balances due to banking institutions in the group | 14,749,608 | 13,459,665 | 11,696,387 | 13,717,326 | 12,717,385 | 10,378,899 | r) Adjusted total capital/total risk weighted assets* | 17.57% | 17.32% | 17.66% | |||
Tax payable | 3,398,067 | 2,654,111 | 1,301,545 | 3,407,533 | 2,655,065 | 1,506,083 | 5) LIQUIDITY | ||||||
Dividends payable | 208,826 | 211,412 | 221,757 | 208,826 | 211,412 | 221,757 | a) Liquidity ratio | 73.75% | 73.03% | 71.56% | |||
Deferred tax liability | - | - | - | - | - | - | b) Minimum statutory ratio | 20.00% | 20.00% | 20.00% | |||
Retirement benefit liability | 99,566 | 96,428 | 34,304 | 99,566 | 96,428 | 34,304 | c) Excess/(deficiency) (a-b) | 53.75% | 53.03% | 51.56% | |||
Other liabilities | 7,454,353 | 17,068,249 | 7,433,437 | 7,468,703 | 17,083,222 | 7,466,388 | |||||||
TOTAL LIABILITIES | 329,262,851 | 325,849,638 | 286,369,723 | 328,254,385 | 325,123,285 | 285,289,724 | *The adjusted capital ratios include the expected credit loss provisions added back to capital in line with the Central | ||||||
SHAREHOLDERS' FUNDS | |||||||||||||
Bank of Kenya guidance note issued in April 2018 on implementation of IFRS 9. | |||||||||||||
Paid up/assigned capital | 2,169,253 | 2,169,253 | 2,169,253 | 2,169,253 | 2,169,253 | 2,169,253 | |||||||
Share premium/ (discount) | 7,792,427 | 7,792,427 | 7,792,427 | 7,792,427 | 7,792,427 | 7,792,427 | MESSAGE FROM THE DIRECTORS | ||||||
Revaluation reserves | 878,959 | 878,959 | 886,707 | 878,959 | 878,959 | 886,707 | |||||||
These financial statements are extracts from the books of the institution and can be accessed on the institution's | |||||||||||||
Retained earnings/ (accumulated losses) | 39,973,548 | 35,487,033 | 34,515,835 | 40,586,765 | 35,842,755 | 35,513,468 | |||||||
Statutory loan loss reserves | 1,538,615 | 2,255,690 | 1,804,730 | 1,538,615 | 2,255,690 | 1,804,730 | website www.sc.com/ke/investor-relations. They may also be accessed at the institution's head office located at | ||||||
48 Westlands Road. | |||||||||||||
Other reserves (fair value) | (635,458) | (871,188) | 183,655 | (635,458) | (871,188) | 183,655 | |||||||
Proposed dividends | 6,130,300 | 6,130,300 | 5,374,599 | 6,130,300 | 6,130,300 | 5,374,599 | |||||||
Capital grants | 1,920,828 | 1,938,534 | 1,898,296 | 1,920,828 | 1,938,534 | 1,898,296 | |||||||
TOTAL SHAREHOLDERS' EQUITY | 59,768,472 | 55,781,008 | 54,625,502 | 60,381,689 | 56,136,730 | 55,623,135 | Kellen Kariuki | Kariuki Ngari | |||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 389,031,323 | 381,630,646 | 340,995,225 | 388,636,074 | 381,260,015 | 340,912,859 | Chairperson | Managing Director & Chief Executive Officer | |||||
STATEMENT OF COMPREHENSIVE INCOME | 17 May 2023 | ||||||||||||
INTEREST INCOME | |||||||||||||
Standard Chartered Bank Kenya Limited is regulated by Central Bank of Kenya | |||||||||||||
Loans and advances | 3,937,483 | 12,731,113 | 3,042,043 | 3,937,483 | 12,731,113 | 3,042,043 | |||||||
Government securities | 2,534,871 | 10,298,361 | 2,323,548 | 2,534,871 | 10,298,361 | 2,323,548 | |||||||
Deposits and placements with banking institutions | 1,123,376 | 2,422,813 | 296,012 | 1,123,376 | 2,422,813 | 296,012 | |||||||
Other interest income | - | 20,757 | 2,762 | - | 20,757 | 2,762 | |||||||
Total interest income | 7,595,730 | 25,473,044 | 5,664,365 | 7,595,730 | 25,473,044 | 5,664,365 | |||||||
INTEREST EXPENSES | |||||||||||||
Customer deposits | 655,834 | 2,611,514 | 665,672 | 654,604 | 2,594,501 | 662,084 | |||||||
Deposits and placements from banking institutions | 47,174 | 279,267 | 16,105 | 47,174 | 279,267 | 16,105 | |||||||
Other interest expenses | - | 376,211 | 63,720 | - | 376,211 | 63,720 | |||||||
Total interest expenses | 703,008 | 3,266,992 | 745,497 | 701,778 | 3,249,979 | 741,909 | |||||||
NET INTEREST INCOME/(LOSS) | 6,892,722 | 22,206,052 | 4,918,868 | 6,893,952 | 22,223,065 | 4,922,456 | |||||||
NON-INTEREST INCOME | |||||||||||||
Fees and commissions on loans and advances | 78,239 | 221,886 | 49,419 | 78,239 | 221,886 | 49,419 | |||||||
Other fees and commissions | 821,656 | 2,641,955 | 697,867 | 1,320,484 | 4,251,977 | 1,184,607 | |||||||
Foreign Exchange trading income/ (loss) | 2,189,804 | 5,973,243 | 1,023,674 | 2,189,804 | 5,973,243 | 1,023,674 | |||||||
Dividend income | - | 1,160,323 | - | - | - | - | |||||||
Other income | 279,221 | 1,306,877 | 228,997 | 279,221 | 1,306,877 | 228,997 | |||||||
Total non-interest income | 3,368,920 | 11,304,284 | 1,999,957 | 3,867,748 | 11,753,983 | 2,486,697 | |||||||
TOTAL OPERATING INCOME | 10,261,642 | 33,510,336 | 6,918,825 | 10,761,700 | 33,977,048 | 7,409,153 | |||||||
OTHER OPERATING EXPENSES | |||||||||||||
Loan loss provision | 790,917 | 1,328,458 | (86,005) | 790,917 | 1,328,458 | (86,005) | |||||||
Staff costs | 1,871,691 | 6,689,167 | 1,643,556 | 1,902,709 | 6,788,892 | 1,670,213 | |||||||
Directors' emoluments | 65,274 | 251,595 | 59,089 | 65,274 | 252,155 | 59,089 | |||||||
Rental charges | 104,494 | 257,877 | 36,950 | 104,494 | 257,877 | 36,950 | |||||||
Depreciation charge on property and equipment | 97,181 | 435,961 | 130,385 | 97,181 | 435,961 | 130,385 | ªWill your investments support | ||||||
Other operating expenses | 1,816,576 | 6,588,335 | 1,382,061 | 1,916,489 | 6,989,977 | 1,469,260 | |||||||
Amortisation charges | 245,904 | 820,529 | 201,279 | 245,904 | 820,529 | 201,279 | |||||||
your children's studies | |||||||||||||
Profit/ (loss) before tax and exceptional items | 5,269,605 | 17,138,414 | 3,551,510 | 5,638,732 | 17,103,199 | 3,927,982 | |||||||
Total other operating expenses | 4,992,037 | 16,371,922 | 3,367,315 | 5,122,968 | 16,873,849 | 3,481,171 | |||||||
Exceptional items | - | - | - | - | - | - | anywhere in the world?º | ||||||
Profit/ (loss) after exceptional items | 5,269,605 | 17,138,414 | 3,551,510 | 5,638,732 | 17,103,199 | 3,927,982 | |||||||
Current tax | (746,874) | (5,695,664) | (1,029,515) | (832,592) | (6,067,273) | (1,150,957) | |||||||
Deferred tax | (753,291) | 994,174 | (20,182) | (779,205) | 1,022,009 | (12,297) | Create, grow and protect your wealth | ||||||
Other comprehensive income | 3,769,440 | 12,436,924 | 2,501,813 | 4,026,935 | 12,057,935 | 2,764,728 | |||||||
Profit/ (loss) after tax and exceptional items | |||||||||||||
operations | - | - | - | - | - | - | with Priority Banking. | ||||||
Gains/(losses) from translating the financial statements of foreign | |||||||||||||
Fair value changes in financial assets at FVOCI | 123,962 | (2,054,052) | (489,905) | 123,962 | (2,054,052) | (489,905) | |||||||
Revaluation surplus on property, plant and equipment for all periods | - | - | - | - | - | - | |||||||
Share of other comprehensive income of associates | - | - | - | - | - | - | |||||||
Income tax relating to components of other comprehensive income | (37,190) | 616,215 | 146,971 | (37,190) | 616,215 | 146,971 | |||||||
Other comprehensive income for the period net of tax | 86,772 | (1,437,837) | (342,934) | 86,772 | (1,437,837) | (342,934) | |||||||
Total comprehensive income for the period | 3,856,212 | 10,999,087 | 2,158,879 | 4,113,707 | 10,620,098 | 2,421,794 | |||||||
EARNINGS PER SHARE - BASIC & DILUTED (KShs) | 9.87 | 32.47 | 6.18 | 10.55 | 31.47 | 6.87 | |||||||
T&Cs apply |
DIVIDEND PER SHARE - DECLARED (KShs) | - | 22.00 | - | - | 22.00 | - |
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Standard Chartered Bank Kenya Ltd. published this content on 17 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 May 2023 09:50:05 UTC.