November 14, 2017 / 2:17 PM / 10 days ago

StanChart Kenya's pretax profit falls 38 pct in first nine months

NAIROBI (Reuters) - Standard Chartered Kenya’s pretax profit dropped 38 percent to 6.87 billion shillings ($66.31 million) in the first nine months of this year, it said on Tuesday.

A monument stands along Kenyatta Avenue in front a branch of Standard Chartered Bank in Nairobi, Kenya, March 3, 2016. REUTERS/Noor Khamis/File Photo

The lender blamed the drop on a government cap on commercial lending rates introduced in September last year, and an economic slowdown after the Supreme Court nullified an Aug. 8 presidential election and ordered a re-run, for the drop in earnings.

($1 = 103.6000 Kenyan shillings)

Reporting by Duncan Miriri, editing by Louise Heavens

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