Citibank building in Nairobi's Upperhill. PHOTO | FILE
What you need to know:
Citibank rides on its global brand to attract large firms as clients in the local market.
Citibank net profit for 2014 dropped 18.5 per cent to Sh2.44 billion, marking the second straight year of reduced earnings for the international lender in Kenya.
In 2013, the bank reported a net profit of Sh2.99 billion, while 2012 earnings stood at Sh4.42 billion—with the 2012 profits being a 72.4 per cent increase from 2011.
Financial results released by the bank Monday show that its earnings were weighed down by higher expenses coupled with falling income.
Citi’s operating expenses for the year stood at Sh3.24 billion in 2014, compared to Sh2.59 billion in 2013, an increase of Sh650 million. Total income fell by Sh190 million to Sh7.38 million, mainly on lower non-funded income earnings.
Foreign exchange trading income was down Sh270 million to Sh1.6 billion, while earnings classified as ‘other income’ reduced by Sh246 million to stand at Sh110.6 million. Net interest income was up however, by 7.8 per cent (Sh328 million) to stand at Sh4.52 billion for the year.
Citibank rides on its global brand to attract large firms as clients in the local market.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
