Connect with us

Hi, what are you looking for?


Imperial Bank profit up 19pc

NAIROBI, Kenya, Mar 20 – Imperial Bank has announced a 19 percent increase in pre-tax profit at Sh673 million for the year ended December 2008 compared to Sh563 million for the previous year.

Basic earnings per share went up from Sh416 to Sh 429.

Imperial Bank Managing Director Abdulmalek Janmohamed, attributed the performance to stringent risk management procedures, product innovation and growth in deposits owing to branch expansion.

“These results are evidence that the bank’s strategy of product development and growth of new markets is beginning to pay off,” said Mr Janmohamed.

Overall, the bank’s revenue grew by 16 percent to Sh2.9 billion largely driven by interest from lending.

Fees and commission income grew by 17 percent to Sh368 million while customer deposits grew by 21 percent and advances grew by 18 percent.

“Last year our focus begun with branch expansion and investment in human resources through hiring and training of staff. This year, we will strengthen our brand while offering technology based solutions to our customers. We will also increase staff engagement as we continue to identify new markets,” said Mr Janmohamed.

While reporting a 15 percent growth in assets to Sh13.4 billion Mr Janmohamed said that the bank’s core capital to total risk weighted assets stood at 19 percent which was an excess of 11 percent over the statutory minimum ratio whilst the core capital to total deposit liabilities stood at 15 percent, an excess of seven percent against the minimum statutory ratio.

The total capital to total risk quoted assets was 20 percent which also is an excess of eight percent against the minimum statutory ratio.

Advertisement. Scroll to continue reading.

The bank further announced plans to continue a modest branch expansion strategy coupled with investment in more ATMs in order to increase product distribution and maintain its premium customer service positioning.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...