Prime Bank Group has recorded an increase of Kes 2.69 Billion in net profits after tax from Sh2.32 billion in a similar period in 2021.
This is a 15.7 percent jump in net profit in the period ending September 2022.
The growth was mainly attributed to interest income from loans and government securities, foreign exchange trading, and improved operational efficiencies.
Further, interest income from loans and advances grew by 10.1 percent to Kes 8.48 billion from Kes 7.70 billion in the previous period.
Non-interest income registered a 19.3 percent rise to Sh1.93 billion, with a performance from foreign exchange trading which posted 70.8 percent to Sh355.99 million from Sh208.42 million during the period under review.
Net interest income was recorded at Sh4.2 billion from Sh3.93 billion, representing 7.1 percent growth.
Additionally, the total operating income grew by 10.7 percent to Sh6.13 billion.
Prime Bank managing director Bharat Jani says the improved results signal a more energetic and renewed effort towards the year's final quarter.
"As we mark our 30 years of service to our customers this year, these impressive results reinforce our pledge to our customers of always putting them first”.
Growth in customer deposits boosted its investment in government securities by 11 percent to Sh77.61 billion from Kes 69.94 billion, driving the increase.
Net loans and advances to customers were up 5.7 percent to Sh39.25 billion from Sh37.13 billion.
Prime Bank was founded in 1992 and has 23 branches countrywide. It provides flexible, efficient, and personalized services for its customers.