Standard Chartered Bank has announced its financial results for Q3 2024. This is the period ending 30 September 2024. During the reporting period,, the bank’s pre-tax profit grew by 64% which is impressive considering the current challenging macroeconomic environment.
Speaking on this, Kariuki Ngari, Chief Executive Officer, said, “We have delivered a strong performance in the third quarter, driven by topline growth and well-managed costs.” The 64% growth was driven by strong topline growth and cost management.
Operating Income:
- Grew by 33%, attributed to:
- Net Interest Income: Up by 17%.
- Non-Interest Income: Rose significantly by 74%.
“As we move into the fourth quarter, we are optimistic about the improving macroeconomic environment characterized by declining interest rates, falling inflation, and a stable currency,” he concluded.
With the macroeconomic environment showing signs of improvement, the bank is in a better position to help its customers navigate the challenging environment.. The CEO expressed confidence in achieving a strong finish to the year by continuing to support businesses and individuals in seizing growth opportunities.
Also Read: Equity Bank Records 13% Profit Growth in Q3 2024
