Prime Bank has posted 17 per cent growth in net profit for the three months to March 31, 2022.
The Bank grew its profit after tax to KShs. 768 Million from KShs. 655 Million recorded in the same period last year.
Managing Director Bharat Jani attributed 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,” added Jani.
Highlights of the Financial Results
- The Bank’s balance sheet expanded by 9 per cent to KShs. 129 Billion from KShs. 118 Billion recorded period in 2021.
- The Bank’s Total Deposits stood at KShs. 99.7Billion with an increase of about 10 per cent from KShs. 90.7 Billion.
- Total Net Advances to customers stood at KShs. 37.2 Billion.
- The Core Capital of the Bank was at KShs. 24.7 Billion, against the statutory requirement of KShs. 1 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.