Kenya StanChart bank 9
Poor full year performance foreseen, Canada Goose Jackets shares to take a hit
By Canada Goose Parka Beatrice Gachenge
NAIROBI, Nov 23 (Reuters) Kenyan lender Standard canada goose coats on sale Chartered Bank posted a 13 percent fall in nine canada goose clearance sale month pretax profit after operating costs shot up by one third, dashing any hopes of improved performance for its Canada Goose online full year, traders cheap Canada Goose said.
A unit of Britain Standard Chartered Plc and Canada Goose Outlet among the country top five biggest banks by assets, canada goose replica its pretax profit dropped to 5.49 billion shillings ($61.2 million) for the first nine months of this year, buy canada goose jacket down from 6.19 billion shillings previously.
Standard Chartered is the second bank to report reduced profitability after National Bank, which fell by 9 percent Canada Goose Online to 1.81 billion shillings.
has retarded for Standard Chartered because costs were up significantly, probably faster canada goose than income, Johnson Nderi an analyst at Suntra Investment said.
their full year will also be down because these are cumulative numbers.
Nderi said canada goose outlet toronto factory on the canada goose black friday sale back of anticipated poor performance of canadagooseoutletshop the full year, the share price valuation would be hit as investors were likely to trim their positions or exit the stock.
Total other operating expenses for the bank were up 32 percent to 5.91 billion shillings, attributed to loan loss provision, staff costs buy canada goose jacket cheap and other operating expenses probably driven Canada Goose sale by inflation, Nderi said.
Inflation canada goose deals in canada goose coat store east Africa biggest economy has Canada Goose Coats On Sale soared for 12 consecutive month to 18.9 percent, driven up by canadian goose jacket food, fuel and electricity.
Traders said matters were made worse for the banking sector after Central Bank of Kenya increased its benchmark rate to 16.5 percent, forcing commercial banks to raise their interest rates, hence the elevated provisions for loans, due to anticipated high default rates.
Following the central bank tight monetary policy resulting canada goose outlet store locations in an acute shortage of shillings in the market, Standard Chartered liquidity ratio shrunk to 34 percent from 62 2018 canada goose outlet percent, against a minimum statutory of 20 percent.
low level of liquidity canada goose coats in the lowest we have seen in the bank in the last five quarters, Nderi said, adding that the drop canada goose clearance in liquidity assets was occasioned by increase on loans and advances to customers.
The bank net loan and advances to customers grew to 94.39 billion shillings for the first nine months from 55.02 billion previously, while total interest income went up to 8.22 billion shillings during the period in review, from 7.53 billion.