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Standard Chartered Kenya's 2020 pretax profit slumps on pandemic fallout

  • The bank is concerned by a resurgence of infections in the East African nation, which is going through a deadly third wave, Chief Executive Officer Kariuki Ngare told an investor briefing.
Published March 25, 2021
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NAIROBI: Standard Chartered Bank of Kenya on Thursday posted a 39% slump in 2020 pretax profit, as the COVID-19 pandemic drove up loan impairments and dented its performance.

The lender, which is controlled by Standard Chartered Plc , said its operating income fell by 5% as net interest income and income from services weakened. Costs went up by a percentage point.

The bank is concerned by a resurgence of infections in the East African nation, which is going through a deadly third wave, Chief Executive Officer Kariuki Ngare told an investor briefing.

The company's earnings per share dropped 35% to 13.95 shillings, but it still set a dividend of 10.50 shillings ($0.0957) per share citing that its capital reserves were adequate.

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