Standard Chartered posts 41% profit drop in Q3 amid lower loans and deposits

Standard Chartered Bank Kenya has taken a major hit on its third-quarter earnings after beginning payouts to former employees in a long-running pension dispute. The lender’s profit after tax dropped to 9.7 billion shillings, as it moved to comply with a Supreme Court ruling that ordered it to refund pension surplus withdrawn in the year 2000 and compensate affected staff.