STANDARD CHARTERED BANK KENYA LIMITED Standard Chartered Bank Kenya Limited
The Board of Directors of Standard Chartered Bank Kenya Limited is pleased to announce the audited results of the Group for the year ended 31 December 2022
SUMMARY CONSOLIDATED INCOME STATEMENT | 2022 |
FOR THE YEAR ENDED 31 DECEMBER 2022 | KShs '000 |
Net interest income | 21,782,185 |
Non funded income | 11,310,749 |
Operating income | 33,092,934 |
Operating expenses | (15,074,919) |
Operating profit before impairment losses and tax | 18,018,015 |
Impairment losses on financial instruments and intangible assets | (914,816) |
Profit before tax | 17,103,199 |
Income tax expense | (5,045,264) |
Profit for the year | 12,057,935 |
2021 KShs '000
18,410,866
9,891,636
28,302,502
(14,192,783)
14,109,719
(1,511,666)
12,598,053
(3,554,214)
9,043,839
SUMMARY DIRECTORS' REMUNERATION REPORT
The Group's directors' remuneration for services rendered for the year ended 31 December 2022 was KShs 314 million (2021: KShs 265 million).
Report of the independent auditor on the summary consolidated financial statements to the shareholders of Standard Chartered Bank Kenya Limited
Opinion
The summary consolidated financial statements of Standard Chartered Bank Kenya Limited ("the Company") and its subsidiaries (together as, the ''Group''), which comprise the summary consolidated statement of financial position as at 31 December 2022, and the summary consolidated income statement, summary consolidated statement of other comprehensive income, summary consolidated statement of changes in equity and summary consolidated statement of cash flows for the year then ended, are derived from the audited consolidated financial statements of the Group for the year ended 31 December 2022.
In our opinion, the accompanying summary consolidated financial statements are consistent, in all material respects, with the audited consolidated financial statements as at and for the year ended 31 December 2022, in accordance with the basis described in the Directors' Commentary accompanying the summary consolidated financial statements and in accordance with the requirements of Kenyan Companies Act, 2015.
KShs | KShs | |||
Basic and diluted earnings per ordinary share | 31.47 | 23.49 | ||
Dividend per share | 22.00 | 19.00 | ||
SUMMARY CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE | 2022 | 2021 | ||
INCOME FOR THE YEAR ENDED 31 DECEMBER 2022 | KShs '000 | KShs '000 | ||
Profit for the year | 12,057,935 | 9,043,839 | ||
Items that will not be classified to profit or loss | (39,985) | (5,610) | ||
Items that may be reclassified subsequently to profit or loss | (1,397,852) | (631,898) | ||
Total comprehensive income for the year | 10,620,098 | 8,406,331 | ||
SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 2022 | 2021 | ||
AT 31 DECEMBER 2022 | KShs '000 | KShs '000 | ||
ASSETS | ||||
Cash and balances with Central Bank of Kenya | 23,257,306 | 23,700,451 | ||
Loans and advances to banks | 428,089 | 2,429,051 | ||
Loans and advances to customers | 139,412,560 | 125,974,590 | ||
Government securities held at FVOCI | 104,731,162 | 91,014,905 | ||
Government and other securities held at FVPTL | 986,931 | 4,601,367 | ||
Due from group companies and other related parties | 96,121,186 | 71,991,928 | ||
Property, equipment and right-of-use assets | 3,182,732 | 3,418,034 | ||
Goodwill and intangible assets | 4,103,224 | 3,898,841 | ||
Other assets | 9,036,825 | 7,842,771 | ||
TOTAL ASSETS | 381,260,015 | 334,871,938 | ||
LIABILITIES | ||||
Deposits from banks | 13,480,464 | 383,214 | ||
Deposits from customers | 278,879,309 | 265,469,114 | ||
Due to group companies and other related parties | 12,717,385 | 9,631,154 | ||
Other liabilities | 20,046,127 | 6,174,350 | ||
TOTAL LIABILITIES | 325,123,285 | 281,657,832 | ||
SHAREHOLDERS' EQUITY | ||||
Share capital and share premium | 9,961,680 | 9,961,680 | ||
Other reserves | 4,201,995 | 4,576,794 | ||
Retained earnings | 35,842,755 | 33,301,033 | ||
Proposed dividends | 6,130,300 | 5,374,599 | ||
TOTAL SHAREHOLDERS' EQUITY | 56,136,730 | 53,214,106 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 381,260,015 | 334,871,938 | ||
SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS | 2022 | 2021 | ||
FOR THE YEAR ENDED 31 DECEMBER 2022 | KShs '000 | KShs '000 | ||
Net cash generated from operating activities | 21,587,675 | 15,031,684 | ||
Net cash used in investing activities | (1,342,797) | (1,953,918) | ||
Net cash used in financing activities | (7,982,040) | (6,312,616) |
Summary consolidated financial statements
The summary consolidated financial statements do not contain all the disclosures required by the International Financial Reporting Standards and the Kenyan Companies Act, 2015. Reading the summary consolidated financial statements and the auditors' report thereon, therefore, is not a substitute for reading the audited consolidated financial statements, and the auditor's report thereon. The summary consolidated financial statements and the audited consolidated financial statements do not reflect the effects of events that occurred subsequent to the date of our report on the audited consolidated financial statements.
The audited consolidated financial statements and our report thereon
We expressed an unmodified audit opinion on the audited consolidated financial statements in our report dated
31 March 2023. That report also includes the communication of key audit matters. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Group's fiinancial statements of the current period.
Directors' responsibility for the summary consolidated financial statements
The directors are responsible for the preparation of the summary consolidated financial statements in accordance with the basis described in the Directors' Commentary accompanying the summary consolidated financial statements and in the manner required by the Kenyan Companies Act, 2015.
Auditor's responsibility
Our responsibility is to express an opinion on whether the summary consolidated financial statements, are consistent, in all material respects, with the audited consolidated financial statements based on our procedures, which were conducted in accordance with International Standards on Auditing (ISA) 810 (Revised), Engagements to Report on Summary Financial Statements.
Report on other legal requirements
The summary directors' remuneration report is derived from the directors' remuneration report for the year ended
31 December 2022. The summary directors' remuneration report does not contain all disclosures required by Kenyan Companies Act, 2015, (General) (Amendment) (No.2) Regulations 2017. Reading the summary directors' remuneration report and the auditors' report thereon, therefore, is not a substitute for reading the directors' remuneration report. We expressed an unmodified audit opinion on the auditable part of the directors' remuneration report which was prepared in accordance with the Kenyan Companies Act, 2015.
In our opinion, the summary directors' remuneration report is consistent, in all material respects, with the directors' remuneration report for the year ended 31 December 2022, in accordance with the Kenyan Companies Act, 2015.
The engagement partner responsible for the audit resulting in the independent auditor's report is CPA Tom Nyakoe Practising Certificate Number 2283.
For and on behalf of Ernst & Young LLP
Certified Public Accountants
P.O. Box 44286-00100
Nairobi, Kenya
Date: 26 April 2023
Directors' Commentary
These summary consolidated financial statements and summary directors' remuneration report are extracts from the audited consolidated financial statements and directors' remuneration report for the year ended 31 December 2022 and have been prepared in accordance with the criteria developed by the Bank's directors which is based on common practice in the banking industry. The criteria entails presenting account balances or subtotals as extracted from the audited consolidated financial statements or condensing some of the line items in the audited consolidated financial statements as indicated in the captions used in the summary financial statements and the explanatory footnotes.
A full copy of the consolidated financial statements including explanatory notes will be available from our website www.sc.com/ke/investor-relations by 30 April 2023.
They were approved by the Board of Directors on 14 March 2023.
Kellen Kariuki | Kariuki Ngari |
Chairperson | Managing Director & Chief Executive Officer |
Standard Chartered Bank Kenya Limited is regulated by Central Bank of Kenya.
Increase in cash and cash equivalents | 12,262,838 | 6,765,150 | |||||||||||
Cash and cash equivalents at 1 January | 62,312,958 | 55,547,808 | Summary of Key Audit Matters | ||||||||||
The key audit matters identified | by the auditor were: | ||||||||||||
Cash and cash equivalents at 31 December | 74,575,796 | 62,312,958 | |||||||||||
i. expected credit losses on loans and advances to customers. | |||||||||||||
ii. provisions and contingent liabilities in respect of claims and litigations. | |||||||||||||
Share capital | |||||||||||||
CONSOLIDATED SUMMARISED STATEMENT OF CHANGES IN EQUITY | and share premium | Other reserves | Retained earnings | Proposed dividends | Total | ||||||||
FOR THE YEAR ENDED 31 DECEMBER 2022 | KShs '000 | KShs '000 | KShs '000 | KShs '000 | KShs '000 | ||||||||
At 1 January 2021 | 9,961,680 | 4,912,730 | 31,880,197 | 4,135,431 | 50,890,038 | ||||||||
Profit for the year | - | - | 9,043,839 | - | 9,043,839 | ||||||||
Other comprehensive income | - | (642,229) | 4,721 | - | (637,508) | ||||||||
Other movements | - | 306,293 | (7,627,724) | 1,239,168 | (6,082,263) | ||||||||
At 31 December 2021 | 9,961,680 | 4,576,794 | 33,301,033 | 5,374,599 | 53,214,106 | ||||||||
Profit for the year | - | - | 12,057,935 | - | 12,057,935 | ||||||||
Other comprehensive income | - | (1,408,183) | (29,654) | - | (1,437,837) | ||||||||
Other movements | - | 1,033,384 | (9,486,559) | 755,701 | (7,697,474) | ||||||||
At 31 December 2022 | 9,961,680 | 4,201,995 | 35,842,755 | 6,130,300 | 56,136,730 |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Standard Chartered Bank Kenya Ltd. published this content on 26 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2023 11:32:19 UTC.
