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Tag: Standard Chartered bank

  • Standard Chartered Bank reports 64% profit growth in Q3 2024

    Standard Chartered Bank reports 64% profit growth in Q3 2024

    Standard Chartered Bank Kenya Limited has released its results for the period ended 30 September 2024.

    During the reporting period, the bank recorded a pre-tax profit growth of 64per cent driven by strong topline growth and cost management

    Speaking during the event, Kariuki Ngari, Chief Executive Officer, said the strong performance in the third quarter was driven by topline growth and well-managed costs.

    Operating income is said to have increased 33 per cent driven by Net interest income increase of 17 per cent;Non-interest income increase of 74 per cent; Operating expenses were up 5 per cent and Loan impairment charge increased 7 per cent year-on-year.

    “The balance sheet remains strong and highly liquid with our liquidity ratio at 65 per cent (regulatory minimum 20 per cent) and total capital ratio remains strong at 21 per cent.” He added.

    “We have delivered a strong set of results in the nine months to September 2024 against a challenging macro environment by helping our clients navigate through these challenges and find opportunities to grow their business and wealth,” he noted.

    The CEO expressed optimism as the company enters the fourth quarter, citing an improving macro environment with declining interest rates, falling inflation, and a stable currency. He emphasized that the bank is well-positioned to support clients during this phase and is confident of a strong finish to the year.

  • StanChart donates Ksh7M to Catholic Relief Services for flood relief in Mathare, Embakasi

    StanChart donates Ksh7M to Catholic Relief Services for flood relief in Mathare, Embakasi

    Standard Chartered Bank has donated Ksh7 million to Catholic Relief Services (CRS).

    The funds will provide relief to vulnerable households in Mathare and Embakasi with a special focus on youth alongside donations of food and non-food items to more than 200 community members affected by floods.

    Speaking at the handover event on Friday, Head of Corporate Affairs at Standard Chartered Joyce Kibe reaffirmed the bank’s commitment to promoting youth economic empowerment through education and skills development under the Futuremakers initiative.

    “We are delighted to partner with CRS Kenya in supporting youth. Globally, 282 million young people are not in education, training or employment. Futuremakers by Standard Chartered is our global youth economic empowerment initiative, supporting young people, especially women and people with disabilities, to learn, earn and grow,” said Kibe.

    “Today, we have offered financial literacy skills to youth as a way of equipping them with knowledge to improving their economic participation. This donation will further support youth with much needed skills to navigate the unemployment challenge,” she added.

    CRS Communications Manager for Kenya and Somalia Angela Muathe, hailed the partnership with Standard Chartered for its focus on youth empowerment which aligns with Kenya’s Vision 2030.

    “We are excited about this partnership with Standard Chartered as we invest in the promising futures of young people in alignment to the Government of Kenya’s education and training plan within the social pillar of Vision 2030,” she stated.

    She noted that the emergency response initiative will be embedded in CRS’ Wezesha Vijana program where the youth participants will receive market-driven skills and investments to enable them secure decent employment and start successful businesses.

  • 7th edition of the Standard Chartered Cup launched

    7th edition of the Standard Chartered Cup launched

    Standard Chartered Bank has launched the 7th edition of the popular Standard Chartered Cup, a 5-a-side futsal tournament that celebrates the Bank’s partnership with Liverpool FC.

    This exciting event offers the winning team an exclusive, once-in-a-lifetime opportunity to visit Anfield Stadium in England and watch Liverpool FC play live in a Premier League match.

    This year’s tournament will take place on November 30, 2024, at the Kenya School of Monetary Studies grounds in Nairobi.

    Amateur teams will compete for the ultimate prize: an all-expenses-paid trip to Anfield to watch Liverpool FC face Arsenal FC in a thrilling match.

    Addressing the media, Joyce Kibe, Head Corporate Affairs, Brand and Marketing for Kenya and Africa Said;

    “I am extremely proud of our partnership with Liverpool FC, which enables us to work together to create and deliver unique, money-can’t-buy experiences such as this.

    This year we will hosting 40 client teams who battle for the chance to win the Grand prize of an all-expenses paid trip to watch a match live at Anfield, the home of Liverpool Football Club. I would like to appeal to all invited corporates to take advantage of this opportunity as soon as possible as it’s on a first come, first serve basis. I want to thank all the past participating organisations, our media partners for supporting us on this journey.”

    The SC Cup is a competitive yet fun 10-minute, 5-a-side futsal tournament open to Standard Chartered’s corporate clients, SME Banking entities, Liverpool FC fans, and media partners, with participation by invitation only.

    Each team will consist of seven amateur players (five on the field and two substitutes), all of whom must not have professional or semi-professional football experience within the past three years.

    The tournament format will feature group-stage games in a round-robin style, with the top two teams from each group advancing to the knockout rounds.

    The competition will culminate in a final match to determine the 2024 SC Cup champions.

    Apart from attending a live Premier League match at Anfield, the winning team will participate in a training session at the Liverpool FC Academy with an LFC legend, tour the club’s museum, and visiting the Beatles Story.

    “The SC Cup has become more than just a tournament. It’s an experience that strengthens our connections with clients and celebrates our shared passion for football and showcases our strong global footprint and network capability. We encourage all participating teams to train hard and bring their best game to the field,” added Ms Kibe.

  • Mixed feelings as pensioners win 30 billion shillings pay battle

    Mixed feelings as pensioners win 30 billion shillings pay battle

    Thank God, we have lived to witness the progressive court decision! A group of pensioners would breathe a sigh of relief, albeit with a feeling of ambivalence after years of waiting.
    At least one hundred of the 629 pensioners had already passed on, when the court pronounced itself, with the wheels of justice grinding slowly twenty-three years after they sought answers over alleged underpayment of their pensions.

    It was solace and delight after the high court dismissed the case filed by the Standard Chartered bank challenging the decision of the Retirement Benefits Tribunal that ordered the bank to pay the pensioners 30 billion shillings in compensation.

    Some of the pensioners are living in deplorable conditions in some of the city’s slums including Mukuru Kwa Njenga, Mathare and Kibera

    In proceedings at the High Court’s Judicial Review Division, whose determination was made last week with the pensioners awarded 30 billion shillings, the bank argued that the beneficiaries had presented no evidence to warrant award of the claims. This despite the pensioners submitting that the bank withdrew 1.536 billion shillings in December 1997 which was paid back to the bank, an amount they claimed was part of their pension and whose valuation had accumulated to about 24 billion shillings. They maintained the bank never responded to their proposal to have the matter settled out of court even after approaching it three times.

    The Retirement Benefits Tribunal observed that the bank did not pay them in line with the trust deed rules which submits that the correct actuarial factor should be applied, should be paid cost of living adjustments, housing allowances which was never included in the payments made by the bank to the pensioners in the year 2000.

    Dismissing the case with costs, Justice John Chigiti said the best that the justice system could do for the pensioners was to ensure they enjoy access to their pension and retirement benefits without having to spend years in courts pursuing their rights.
    “The 629 interested parties must have retired with the hope that they would access their retirement packages when they left the bank. They had a legitimate expectation they would get their pension then. This was not to be. The first respondents’ decision brought their dreams closer home when the tribunal issued the structural interdicts which accords with the social transformation through access to justice vison, and this court has a duty to promote the vision.” Justice Chiguti said in part of his ruling.
    “It is this court’s findings that the applicants have not satisfied this court that the decision of the 1st respondent was materially influenced by an error and this court finds no reason to review the administrative action as provided for under Section 7(2) of the Fair Administration Action Act,” added the judge.

    The bank had argued that the pensioners were fully paid under the trust of deed saying correct actuarial factors were used in the computation of their pay and that the pensioners had their services terminated and as such were not eligible to pension save for those who could have suffered incapacity and ill health.

    The mater was first lodged at the Employment and Labour Court. Justice Onesmus Makau would then refer the matter to the Retirement Benefits Authority to determine it on the merits of the Retirement Benefits Act. RBA would dismiss the case.
    “We would then appeal the decision at the Retirement Benefits Tribunal. The tribunal gave us a fair judgement and the court ordered the bank to work out the calculations afresh and comply with the orders within 60 days, but the bank decided to seek a judicial review.” Said the pensioners.

    In its ruling, the tribunal was of the view that the pensioners had made a clear case arguing that the bank used incorrect actuarial factors in computing the cash values for both the deferred pensioners and the commuted values for immediate pensioners. It also found that the first respondent(RBA) was wrong in finding that the factors published by the pensioners were not applicable.

    For the pensioners, it was bitter sweet experience following years of anguish and now want the bank to honour the payments. According to the group, those people whose pension was underpaid have suffered immensely.
    “These people never educated their children to the levels they would have expected for lack of money, their houses were auctioned by banks for lack of payments while the bank still had their money withheld.” The say.

    The pensioners fear the bank could apply delaying tactics in the matter with most of the beneficiaries now aging, sickly and with limited resources to get quality care.

    At least 100 people among those who had lodged the case have already died in the course of the court process with their deaths attributed to lack of medication while those whose houses were auctioned are living in deplorable conditions in some of the city’s slums including Mukuru Kwa Njenga, Mathare and Kibera.