Standard Chartered Bank Kenya : H1 2023 Unaudited Results

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 six month period ended 30 June 2023

STATEMENT OF FINANCIAL POSITION

ASSETS

Cash (both local and foreign)

Balances due from Central Bank of Kenya

Kenya Government and other securities held for dealing purposes

Financial assets at fair value through profit and loss Investment securities:

1. Amortised cost:
2. 1. Kenya Government securities
   2. Other securities
3. Fair value through other comprehensive income (FVOCI)
4. 1. Kenya Government securities
   2. Other securities

Deposits and balances due from local banking institutions Deposits and balances due from banking institutions abroad Tax recoverable

Loans and advances to customers (net)

Balances due from banking institutions in the group Investments in associates

Investments in subsidiary companies Investments in joint ventures Investment properties

Property and equipment Prepaid lease rentals Intangible assets Deferred tax asset Retirement benefit asset Other assets

TOTAL ASSETS

LIABILITIES

Balances due to Central Bank of Kenya Customer deposits

Deposits and balances due to local banking institutions Deposits and balances due to foreign banking institutions Other money market deposits

Borrowed funds

Balances due to banking institutions in the group Tax payable

Dividends payable Deferred tax liability Retirement benefit liability Other liabilities

TOTAL LIABILITIES SHAREHOLDERS' FUNDS Paid up/assigned capital Share premium/(discount) Revaluation reserves

Retained earnings/(accumulated losses) Statutory loan loss reserves

Other reserves (fair value) Proposed dividends Capital grants

TOTAL SHAREHOLDERS' EQUITY

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

STATEMENT OF COMPREHENSIVE INCOME

INTEREST INCOME

Loans and advances Government securities

Deposits and placements with banking institutions Other interest income

Total interest income

INTEREST EXPENSES

Customer deposits

Deposits and placements from banking institutions Other interest expenses

Total interest expenses

NET INTEREST INCOME/(LOSS)

NON-INTEREST INCOME

Fees and commissions on loans and advances Other fees and commissions

Foreign exchange trading income/(loss) Dividend income

Other income/(loss)

Total non-interest income

TOTAL OPERATING INCOME

	BANK			GROUP			III. OTHER DISCLOSURES							BANK
30.06.2023	31.03.2023	31.12.2022	30.06.2022	30.06.2023	31.03.2023	31.12.2022	30.06.2022						30.06.2023	31.03.2023	31.12.2022	30.06.2022
KShs.000	KShs.000	KShs.000	KShs.000	KShs.000	KShs.000	KShs.000	KShs.000						KShs.000	KShs.000	KShs.000	KShs.000
Un-audited	Un-audited	Audited	Un-audited	Un-audited	Un-audited	Audited	Un-audited						Un-audited	Un-audited	Audited	Un-audited
									1) NON-PERFORMING LOANS AND ADVANCES
3,652,960	3,489,983	3,457,845	3,024,027	3,652,960	3,489,983	3,457,845	3,024,027		a) Gross non-performing loans and advances		23,796,136	22,597,977	22,577,388		22,741,080
9,886,203	12,515,308	19,799,461	27,377,869	9,886,203	12,515,308	19,799,461	27,377,869		b) Less: Interest in suspense			9,685,559	9,301,240		9,539,146		9,207,177
1,385,790	2,171,589	965,720	2,789,058	1,385,790	2,171,589	965,720	2,789,058		c) Net non-performing loans and advances (a-b)		14,110,577	13,296,737	13,038,242		13,533,903
	d) Less: Loan loss provisions			10,499,341	10,309,882		10,131,278		9,868,798
745,304	828,358	421,705	384,048	745,304	828,358	421,705	384,048
	e) Net non-performing loans (c-d)			3,611,236	2,986,855	2,906,964		3,665,105
									f) Realizable value of securities			2,103,897	2,186,417		2,268,159		2,936,307
-	-	-	-	-	-	-	-		g) Net NPLs exposure (e-f)			1,507,339	800,438		638,805		728,798
	2) INSIDER LOANS AND ADVANCES
-	-	-	-	-	-	-	-		a) Directors, shareholders and associates				26,491		24,923		55,704		76,505
69,300,569	92,900,668	104,731,162	100,771,113	69,300,569	92,900,668	104,731,162	100,771,113		b) Employees			6,202,097	6,241,720		6,398,783		6,401,394
	c) Total insider loans, advances and other facilities	6,228,588	6,266,643		6,454,487		6,477,899
-	-	-	-	-	-	-	-		3) OFF-BALANCE SHEET ITEMS
2,800,771	1,765,355	-	3,000,411	2,800,771	1,765,355	-	3,000,411		a) Letters of credit, guarantees, acceptances		71,241,595	77,172,761		71,140,599		72,498,945
982,154	706,807	428,089	8,821,194	982,154	706,807	428,089	8,821,194		b) Forwards, swaps and options			16,727,967	24,313,973	25,759,087		36,270,154
2,737,287	913,569	913,568	924,475	2,876,324	950,588	1,022,677	1,020,359		c) Other contingent liabilities					-		-		-		-
145,444,151	137,112,959	139,412,560	128,520,854	145,444,151	137,112,959	139,412,560	128,520,854		d) Total contingent liabilities			87,969,562	101,486,734	96,899,686	108,769,099
109,544,892	121,732,879	96,602,123	73,394,929	109,369,561	121,267,941	96,121,186	73,280,268		4) CAPITAL STRENGTH
-	-	-	-	-	-	-	-		a) Core capital			48,287,536	45,588,839		42,132,719		41,787,207
145,243	145,243	145,243	145,243	-	-	-	-		b) Minimum statutory capital			1,000,000	1,000,000		1,000,000		1,000,000
-	-	-	-	-	-	-	-		c) Excess/(deficiency)			47,287,536	44,588,839		41,132,719		40,787,207
-	-	-	-	-	-	-	-		d) Supplementary capital			1,110,896	4,496,688		5,271,363		6,239,961
3,120,460	3,121,956	3,182,732	3,261,888	3,120,460	3,121,956	3,182,732	3,261,888		e) Total capital (a+d)			49,398,432	50,085,527	47,404,082		48,027,168
-	-	-	-	-	-	-	-		f) Total risk weighted assets			286,253,481	285,685,611	274,257,322		270,888,921
4,743,991	4,563,640	4,103,224	4,171,755	4,743,991	4,563,640	4,103,224	4,171,755		g) Core capital/total deposit liabilities		17.02%		15.05%		15.11%		14.56%
2,616,707	3,173,238	4,027,556	3,105,371	2,685,188	3,237,476	4,117,708	3,160,539		h) Minimum statutory ratio			8.00%		8.00%		8.00%		8.00%
-	-	-	-	-	-	-	-		i) Excess/(deficiency) (g-h)					9.02%		7.05%		7.11%		6.56%
4,601,897	3,889,771	3,439,658	4,598,179	4,683,803	4,003,446	3,495,946	4,708,241		j) Core capital/total risk weighted assets		16.87%		15.96%		15.36%		15.43%
361,708,379	389,031,323	381,630,646	364,290,414	361,677,229	388,636,074	381,260,015	364,291,624		k) Minimum statutory ratio			10.50%		10.50%		10.50%		10.50%
5,989,102	-	6,992,340	-	5,989,102	-	6,992,340	-		l) Excess/(deficiency) (j-k)					6.37%		5.46%		4.86%		4.93%
	m) Total capital/total risk weighted assets		17.26%		17.53%		17.28%		17.73%
283,668,419	302,948,692	278,879,309	286,911,608	283,668,419	302,948,692	278,879,309	286,911,608		n) Minimum statutory ratio			14.50%		14.50%		14.50%		14.50%
2,595,714	39,852	6,286,259	72,668	2,595,714	39,852	6,286,259	72,668		o) Excess/(deficiency) (m-n)					2.76%		3.03%		2.78%		3.23%
687,255	363,887	201,865	193,655	687,255	363,887	201,865	193,655		5) LIQUIDITY
-	-	-	-	-	-	-	-		a) Liquidity ratio			62.84%		73.75%		73.03%		73.61%
-	-	-	-	-	-	-	-		b) Minimum statutory ratio			20.00%	20.00%		20.00%		20.00%
5,916,436	14,749,608	13,459,665	14,371,306	5,356,918	13,717,326	12,717,385	13,345,908		c) Excess/(deficiency) (a-b)			42.84%		53.75%		53.03%		53.61%
	3,398,067	2,654,111	815,754		3,407,533	2,655,065	818,412
208,035	208,826	211,412	220,481	208,035	208,826	211,412	220,481
-	-	-	-	-	-	-	-
43,404	99,566	96,428	36,331	43,404	99,566	96,428	36,331
5,981,081	7,454,353	17,068,249	6,235,543	5,995,455	7,468,703	17,083,222	6,262,982		CONSOLIDATED SUMMARISED STATEMENT OF CHANGES IN EQUITY
305,089,446	329,262,851	325,849,638	308,857,346	304,544,302	328,254,385	325,123,285	307,862,045				Share		Share	Other	Retained	Proposed
											capital	premium	reserves	earnings	dividends	Total
2,169,253	2,169,253	2,169,253	2,169,253	2,169,253	2,169,253	2,169,253	2,169,253				KShs.000	KShs.000 KShs.000 KShs.000 KShs.000 KShs.000
7,792,427	7,792,427	7,792,427	7,792,427	7,792,427	7,792,427	7,792,427	7,792,427		At 1 January 2023	2,169,253	7,792,427	4,201,995	35,842,755	6,130,300	56,136,730
873,794	878,959	878,959	884,124	873,794	878,959	878,959	884,124		Net profit for the period	-		-			-	6,909,379	-		6,909,379
43,606,547	39,973,548	35,487,033	36,793,523	44,120,541	40,586,765	35,842,755	37,790,034		Transfer to statutory credit reserve	-		-		(1,363,242)	1,363,242	-		-
892,448	1,538,615	2,255,690	2,176,186	892,448	1,538,615	2,255,690	2,176,186		Other comprehensive income		-		-		202,979	5,165	-		208,144
(663,044)	(635,458)	(871,188)	(317,046)	(663,044)	(635,458)	(871,188)	(317,046)		Total comprehensive income for	-		-		(1,160,263)	8,277,786	-		7,117,523
-	6,130,300	6,130,300	4,016,039	-	6,130,300	6,130,300	4,016,039		the period
	Total contributions by and
1,947,508	1,920,828	1,938,534	1,918,562	1,947,508	1,920,828	1,938,534	1,918,562
	distributions to owners		-		-		8,974	-		(6,130,300)	(6,121,326)
56,618,933	59,768,472	55,781,008	55,433,068	57,132,927	60,381,689	56,136,730	56,429,579
	At 30 June 2023	2,169,253	7,792,427	3,050,706	44,120,541	-		57,132,927
361,708,379	389,031,323	381,630,646	364,290,414	361,677,229	388,636,074	381,260,015	364,291,624
8,013,343	3,937,483	12,731,113	5,963,304	8,013,343	3,937,483	12,731,113	5,963,304		CONSOLIDATED SUMMARISED STATEMENT OF CASH FLOWS
							30.06.2023	31.12.2022	30.06.2022
4,817,164	2,534,871	10,298,361	4,808,830	4,817,164	2,534,871	10,298,361	4,808,830
	FOR THE PERIOD ENDED					KShs.000	KShs.000	KShs.000
2,540,168	1,123,376	2,422,813	744,021	2,540,168	1,123,376	2,422,813	744,021
							Un-audited	Audited	Un-audited
-	-	20,757	3,952	-	-	20,757	3,952		Net cash (used in)/generated from operating activities	(6,242,700)	21,587,675	28,062,129
15,370,675	7,595,730	25,473,044	11,520,107	15,370,675	7,595,730	25,473,044	11,520,107		Net cash used in investing activities					(1,247,301)	(1,342,797)	(754,093)
1,158,725	655,834	2,611,514	1,351,196	1,157,420	654,604	2,594,501	1,343,168		Net cash used in financing activities					(6,307,786)	(7,982,040)	(1,561,243)
	(Decrease)/increase in cash & cash equivalents				(13,797,787)	12,262,838	25,746,793
112,998	47,174	279,267	29,987	112,998	47,174	279,267	29,987		Cash & cash equivalents at 1 January					74,575,796	62,312,958	62,312,958
248,829	-	376,211	132,910	248,829	-	376,211	132,910		Cash & cash equivalents					60,778,009	74,575,796	88,059,751
1,520,552	703,008	3,266,992	1,514,093	1,519,247	701,778	3,249,979	1,506,065
13,850,123	6,892,722	22,206,052	10,006,014	13,851,428	6,893,952	22,223,065	10,014,042
131,826	78,239	221,886	131,378	131,826	78,239	221,886	131,378
1,842,710	821,656	2,641,955	1,491,605	2,700,154	1,320,484	4,251,977	2,403,715		MESSAGE FROM THE DIRECTORS
4,455,712	2,189,804	5,973,243	2,268,093	4,455,712	2,189,804	5,973,243	2,268,093		These financial statements are extracts from the books of the institution and can be accessed on the
264,102	-	1,160,323	210,023	-	-	-	-
	institution's website www.sc.com/ke/investor-relations. They may also be accessed at the institution's head
(261,046)	279,221	1,306,877	738,981	(261,046 )	279,221	1,306,877	738,981		office located at 48 Westlands Road.
6,433,304	3,368,920	11,304,284	4,840,080	7,026,646	3,867,748	11,753,983	5,542,167
20,283,427	10,261,642	33,510,336	14,846,094	20,878,074	10,761,700	33,977,048	15,556,209

OTHER OPERATING EXPENSES

Loan loss provision

Staff costs

Directors' emoluments Rental charges

Depreciation charge on property and equipment Amortisation charges

Other operating expenses

Total other operating expenses

Profit/(loss) before tax and exceptional items

Exceptional items

Profit/(loss) after exceptional items

Current tax

Deferred tax

Profit/(loss) after tax and exceptional items

OTHER COMPREHENSIVE INCOME

Gains/(losses) from translating the financial statements of foreign operations

Fair value changes in financial assets at FVOCI Revaluation surplus on property, plant and equipment Share of other comprehensive income of associates

Income tax relating to components of other comprehensive income

Other comprehensive income for the period net of tax Total comprehensive income for the period EARNINGS PER SHARE - BASIC & DILUTED (KShs) DIVIDEND PER SHARE - DECLARED (KShs)

2,035,587	790,917	1,328,458	108,187	2,035,587	790,917	1,328,458	108,187
4,004,824	1,871,691	6,689,167	3,528,817	4,057,043	1,902,709	6,788,892	3,584,634
131,563	65,274	251,595	124,161	132,003	65,274	252,155	124,161
131,899	104,494	257,877	89,280	131,899	104,494	257,877	89,280
194,111	97,181	435,961	243,780	194,111	97,181	435,961	243,780
492,096	245,904	820,529	401,975	492,096	245,904	820,529	401,975
3,980,344	1,816,576	6,588,335	3,250,377	4,191,270	1,916,489	6,989,977	3,434,861
10,970,424	4,992,037	16,371,922	7,746,577	11,234,009	5,122,968	16,873,849	7,986,878
9,313,003	5,269,605	17,138,414	7,099,517	9,644,065	5,638,732	17,103,199	7,569,331
-	-	-	-	-	-	-	-
9,313,003	5,269,605	17,138,414	7,099,517	9,644,065	5,638,732	17,103,199	7,569,331
(1,240,251)	(746,874)	(5,695,664)	(2,277,753)	(1,391,371)	(832,592)	(6,067,273)	(2,473,397)
(1,321,645)	(753,291)	994,174	326,613	(1,343,315)	(779,205)	1,022,009	314,243
6,751,107	3,769,440	12,436,924	5,148,377	6,909,379	4,026,935	12,057,935	5,410,177
-	-	-	-	-	-	-	-
297,348	123,962	(2,054,052)	(956,695)	297,348	123,962	(2,054,052)	(956,695)
-	-	-	-	-	-	-	-
-	-	-	-	-	-	-	-
(89,204)	(37,190)	616,215	287,008	(89,204)	(37,190)	616,215	287,008
208,144	86,772	(1,437,837)	(669,687)	208,144	86,772	(1,437,837)	(669,687)
6,959,251	3,856,212	10,999,087	4,478,690	7,117,523	4,113,707	10,620,098	4,740,490
17.65	9.87	32.47	13.18	18.07	10.55	31.47	13.87
-	-	22.00	-	-	-	-	22.00

Kellen Kariuki	Kariuki Ngari
Chairperson	Managing Director & Chief Executive Officer

23 August 2023

Standard Chartered Bank Kenya Limited is regulated by Central Bank of Kenya