IMROVEMENT

Prime Bank’s Q1 profits rise by 17% to Sh768 million

The strong performance has been attributed to the growth in customer deposits, reduction in non-performing loans as well as improved operational efficiencies.

Prime Bank/ HANDOUT
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In Summary

•The bank’s liquidity ratio stood at 79.6 per cent, well above the Central Bank of Kenya’s statutory requirement of 20 per cent.

•Total deposits stood at Sh99.7billion with an increase of about 10 per cent from Sh90.7 billion while total net advances to customers stood at Sh37.2 billion. 

Prime Bank has posted a 17 per cent growth in net profit for the three months of the year to Sh768 million from Sh655 million recorded in the same period last year.

The lender's managing director Bharat Jani attributes the steady growth trajectory and strong performance to the growth in customer deposits, reduction in non-performing loans as well as improved operational efficiencies.

“Going forward, the improved results signal a more energetic, renewed effort to do even better, especially as we celebrate 30 years of service to our customers this financial year,” Jani said.

The bank’s balance sheet expanded by nine per cent to Sh129 billion from Sh118 billion recorded over the same period in 2021.

Total deposits stood at Sh99.7billion with an increase of about 10 per cent from Sh90.7 billion while total net advances to customers stood at Sh37.2 billion. 

The lender’s core capital was at Sh24.7 billion, against the statutory requirement of Sh1 billion.

The bank’s liquidity ratio stood at 79.6 per cent, well above the Central Bank of Kenya’s statutory requirement of 20 per cent.