Companies

Prime Bank posts 37.9pc net profit growth in first quarter 

PRIMEBANK

Prime Bank head office in Nairobi. FILE PHOTO | NMG

Prime Bank Group posted a 37.9 percent growth in net profit for the first three months to March, boosted by higher net interest income and improved operational efficiencies. 

The bank’s net earnings were recorded at Sh1.08 billion from Sh782.18 million recorded in the same period in 2022, on the back of a 46.9 percent rise in non-interest income from fees and commission on transactions to Sh839.7 million from 571.64 million

The bank has also attributed the performance to steady growth of 14.3 percent in customer deposits to Sh113.95 billion from Sh99.72 billion which has helped boost earnings through transactions charges, with loans and advances rising to Sh45.3 billion from Sh37.2 billion, a 21.7 percent growth. 

“These reflect our clients appreciating our service levels and appeal as a trusted business partner,” said Prime Bank chief executive Mr Rajeev Pant. 

The non-interest income helped push the total operating income by 27.4 percent to Sh2.40 billion.

Earnings from forex trading have also continued anchoring non-interest income and revenue growth in the banking sector, having more than doubled for Prime

Bank to Sh230.7 million from Sh99.49 million in the previous similar period.

Net interest from loans and advances grew by 18.9 percent to Sh1.56 billion. 

→ [email protected]