BANKING

Prime Bank pegs future growth on digital transformation

The tier II lender is one of the fastest-growing private banks in Kenya.

In Summary

•Management says the bank will will be focussing on innovation, dedication and adoption of best technologies backed by superior customer experience,.

•The lender posted a 23 % half-year growth in profit after tax, to Sh1.67 billion from Sh1.35 billion recorded same period in the previous year.

Prime Bank/HANDOUT
Prime Bank/HANDOUT

Prime Bank is now banking on digital transformation to grow its business, while diversifying product offering to its customers.

The lenders managing director Bharat Jani said moving forward, the bank will leverage on diversified operations and superior product offerings, to continue driving the resilient performance and exceptional revenue growth.

The tier II lender is one of the fastest-growing private banks in Kenya.

“The year 2022 signals a significant milestone in Prime Bank’s history as we celebrate 30 years of service to our customers and it avails us an opportune moment to renew our pledge to our customers and further strengthen our position,” Jani said.

To remain in the position of a leading bank in the coming years, the lender will be focussing on innovation, dedication and adoption of best technologies backed by superior customer experience, management notes.

The lender posted a 23 per cent half-year growth in profit after tax, to Sh1.67 billion from Sh1.35 billion recorded same period in the previous year.

The Bank’s interest income grew by 8.5 per cent to Sh2.68 billion from Sh2.47 billion posted same period from the previous year.

Investment in government securities was the biggest earner with an increase of 13 per cent, from Sh3.02 billion to Sh3.41 billion.

The Bank’s non-funded income posted a 47 per cent increase with impressive performance in foreign exchange trading which posted a 53 per cent increase during the period under review.

According to the bank’s director of business development Vijay Kantaria, the bank has embarked onimproving its customer experience that will place it among top priority choice for customers in its target niche and beyond.

“We will achieve this through leveraging our mobile and internet banking channels to bring more services and new products to our customers’ doorsteps,” Kantaria said.

The bank is igrating a significant chunk of customer interactions, that is onboarding, transactions and customer support, from the physical branches to the channels, and on self-service basis.

“As we mark our Pearl Anniversary, we optimistically look into the future and where it is feasible, cost-effective and necessary, we shall collaborate with credible innovation partners to accelerate value-addition on the channels,” ,” Kantaria said.

He said the bank will continue to streamline and digitise its operational processes to add onto its internal efficiency and reduce operational risks.

This year, lender introduced PrimeKopa, a mobile lending service on its mobile banking platform, PrimeMobi, to provide its customer base instant mobile loans of up to Sh150,000 with flexible repayment periods of up to 90 days.

The lender has also upgraded its core-banking platform and its internet banking platforms PrimeNet and PrimeMobi.

WATCH: The latest videos from the Star