Prime Bank Kenya recorded a 17 percent increase in net profit for the first three months this year posting KSh768 million compared to KSh655 million recorded same period in 2021.
The bank’s balance sheet expanded from KSh118 billion in 2021 to KSh129 billion. Customer deposits increased to KSh99.7 billion up from KSh90.7 billion posted in the first three months of 2021.
The bank’s Managing Director Bharat Jani attributed the steady performance to growth in customer deposits, reduction in nonperforming loans as well as improved operational efficiencies.
“The improved results signal a more energetic, renewed effort to do even better, especially as we celebrate 30 years of service.”
According to the lender’s financials, its core capital stood at KSh24.7 billion, against the statutory requirement of Sh1 billion.
The bank’s liquidity ratio was 79.6 percent, well above the Central Bank of Kenya’s statutory requirement of 20 percent.
While total net advances to customers stood at KSh37.2 billion.
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