The new look of
The state-owned mid tier lender's profits reached SH410.8 million up from Sh370.7 million in March last year, according to a financial statement filed yesterday with the Nairobi Securities Exchange where its shares are publicly traded.
The growth was powered by a significant 74.2 per cent or an equivalent of Sh20.09 billion growth in loans to stand at Sh47.2 billion as at
The expanded loan book saw the lender's net interest earnings climb to Sh1.55 billion, representing a 20 per cent increase over Sh1.29 billion posted a year earlier.
Non-interest income mainly from transaction fees and commissions also rose to Sh854.5 million during the quarter year period, a 41.1 per cent growth.
The bank further benefitted from cheap deposits from its customers that soared by an an encouraging 19.7 per cent to Sh81.75 billion from Sh68.29 billion a year ago.
The party was however spoiled by a 30.7 per cent jump in operating costs that ended the quarter at Sh182 billion up from Sh1.39 billion.
The bank, controlled 70.55 per cent by state - 22.5 per cent directly by the Treasury and 48.05 per cent by
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