NEW LEADERSHIP

Obath to head Standard Chartered board

The bank has changed in the composition of its board

In Summary

•The new chair was appointed to the board seven years ago.

Patrick Obath takes over from Anne Mutahi ./COURTESY
Patrick Obath takes over from Anne Mutahi ./COURTESY

Standard Chartered Bank has appointed Patrick Obath as the new chairperson of the bank's board of directors.

Obath was appointed to the board seven years ago. He takes over from Anne Mutahi who has held the position since 2012.

“I have enjoyed serving this great organization for the last 10 years, six years of those as your chairperson. Over this period the banking sector has really transformed," said Mutahi.

Among the developments in her tenure is the transition of the lender from brick and mortar where all transactions were done in the banking hall to an era where you can access almost all services on the mobile phone.

The bank has changed in the composition of its board, with the appointment of Imtiaz Khan as an independent non-executive director following retirement of  Kaushik Shah.

The bank announced a pre-tax profit of Sh3.5 billion in the first quarter of 2019 supported by growth in both interest and non-interest income as costs reduced on less loan loss provisioning.

Net interest income increased by three per cent to Sh 5billion, supported by interest from government securities.

Non-interest income increased by 6 per cent year-on-year to Sh 2.4 billion driven by foreign exchange. Operating expenses increased by 4 per cent driven by higher staff costs as we continued to invest in our staff.

Loan impairment was 61 per cent lower than in the same period last year reflecting ongoing management action to improve overall asset quality.

Gross non-performing loans at Sh21.2 billion are down two per cent from the end of 2018.