StanChart profit tops $3.1 bln as bad debts tumble
People walk past the head office of the Standard Chartered Bank in Hong Kong's financial Central district November 9, 2004. Reuters

Standard Chartered Bank Kenya joined other banks that experienced high growth in 2010 by posting a 14 percent rise in 2010 pretax profit on increases in income and customer deposits on Monday.

The bank, ranked in the top five by assets in east Africa's biggest economy and majority-held by Britain's Standard Chartered, said pretax profit was 7.7 billion shillings from 6.7 billion in 2009.

Earnings per share rose 13 percent to 18.58 shillings and dividends increased to 13.50 shillings from 12.00 shillings a year ago.

"Standard Chartered has performed well in 2010. This is a growth story, not a recovery story," Managing Director Richard Etemesi told an investor briefing.

"Our 2010 ... results demonstrate our commitment to delivering consistent and sustained performance, continuing a trajectory of record profits that now extends over four years."

The bank said total income rose to 14.2 billion shillings from 12.4 billion shillings in 2009, while customer deposits rose 15.5 percent to 100.3 billion shillings.

Cost to income ratio rose to 42.6 percent from 41.5 percent previously.

Other listed banks Kenya Commercial Bank, Barclays Bank Kenya, Equity Bank and NIC Bank have also posted healthy growth for 2010.

Standard Chartered's shares closed Friday trade at 275.00 shillings each.