0 percent and remains one of the lowest in the banking sector

pStanChart Bank Kenya reverses trading book losses
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p Says consumer banking growing (Recasts with trading book)
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pBy Duncan Miriri
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pNAIROBI, March 13 (Reuters) Standard Chartered Bank canada goose clearance sale of Kenya reversed loss making positions in its trading book during the second half of last year to buy canada goose jacket secure a 7 percent increase in pretax profit to 8.3 billion shillings ($100.67 million), it said on Tuesday.
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pThe bank, controlled by Standard Chartered Plc, had reported a fall in profit for the first half of the year after yields on government securities shot canada goose factory sale upwards, leading to unrealised Canada Goose online losses in the trading book.
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pmark to market positions were largely reversed during the second half and our trading book activities are Canada Goose Outlet now profitable, Canada Goose Coats On Sale Chief Executive Richard Etemesi canada goose uk outlet said in a statement.
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pDuring the year under review, the bank cut its portfolio in government securities to canada goose black friday sale 15 percent canada goose of total assets from nearly 40 percent a year earlier.
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pEtemesi said there were downside risks from a presidential election due late this canada goose store year cheap canada goose uk or early 2013, parliament bid to cap banks interest rates and the country gaping balance of payments position, which Canada Goose sale helped drive currency volatility last year.
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pPresident Mwai Kibaki disputed poll win in 2007 triggered nationwide violence that killed more than 1,200 people and canada goose coats hammered Kenya reputation as a sound investment destination.
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pThe Hague based International Criminal Court has confirmed charges of crimes against humanity against four Kenyans, canada goose coats on sale including two presidential front runners, in relation to the fighting. Canada Goose Online The case has rattled the economy and stoked tensions ahead of the cheap Canada Goose upcoming presidential vote.
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puncertainty around the political process and especially the elections will continue to act as a drag on business confidence, Etemesi said.
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pHe also criticised parliament bid to cap lending rates for banks and set minimum interest rates for depositors, in a move aimed at lowering costs of credit in a country where lending rates canada goose uk black friday stand at above 20 percent.
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pactivities and actions of a forceful parliament in pursuing a populist agenda may have far reaching and damaging consequences that will go beyond the elections, Etemesi said.
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pRESULTS StanChart raised its earnings per share for the period by 6 percent to 19.75 shillings, but cut its dividend canadian goose jacket per share to buy canada goose jacket cheap 11.00 shillings from 13.50 shillings the uk canada goose previous year.
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pare in fact muscular results. StanChart was quite macho about its accounting treatment around its bond portfolio and took a material hit the chin at the first half stage, said Aly Khan Satchu, an independent trader Canada Goose Parka and analyst.
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presults were a great deal better than consensus estimates.
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pNet interest income rose 21 percent to 10.1 billion shillings, lifting total income to 16.2 billion shillings, StanChart said.
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pIt attributed the growth in interest income to canada goose uk shop a focus on consumer banking, as it seeks to balance canada goose clearance the business and shift away from its traditional over uk canada goose outlet reliance on corporate customers.
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pThe cost to income ratio rose to 45.6 percent from 42.6 percent in the previous year, reflecting a 23 percent jump a href=”https://www.canadagooseoutletshop.co.uk” rel=”friend met co-worker neighbor”canada goose official/a in costs, while provision for bad debts increased to 561 million shillings from 447 million shillings.
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pnon performing loans as a proportion Canada Goose Jackets of total gross loans, stood at 1.1 percent from a href=”https://www.canadagooseoutletshop.co.uk” rel=”friend met co-worker neighbor”https://www.canadagooseoutletshop.co.uk//a 2.0 percent and remains one of the lowest in the banking sector in Kenya, StanChart said. ($1 = 82.4500 Kenyan shillings) (Editing by Richard Lough and Elaine Hardcastle).
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