Prime Bank Group has posted a 19.8 percent growth in net profit to Sh4.4 billion for the year ended December 2023, up from Sh3.6 billion the previous year. The growth in the lender’s profitability is due to higher revenues and cost-cutting.
The bank’s operating income grew by 7.1 percent to Sh9.2 billion from Sh8.5 billion, almost solely on higher net interest income which rose to Sh6.5 billion from Sh5.8 billion. The lender's non-funded income remained flat at Sh2.6 billion.
