NAIROBI, Kenya, May 19 – Citibank N.A. Kenya said on Thursday that its first quarter pre-tax profit surged 16 percent as loans, deposits and customer numbers increased.
The bank’s profit before tax increased to Sh828 million in the three months ended March 31, 2011 compared to Sh714 million posted during a similar period last year.
“The good performance reflects our improved efficiency, better customer service and the roll-out of innovative products in our broader efforts to ensure a sustained growth for the brand,” said Citi Kenya’s Chief Executive Officer, Daniel J. Connelly.
Profit after taxation increased by 19 percent from Sh429 million posted in the three months through March last year to Sh512 million in 2011.
Net interest income, which includes loans and advances, government securities as well as deposits and placements from banking institutions, was Sh501.7 million during the quarter. Get full result here.
Total operating income increased to Sh1.27 billion compared to Sh1.15 billion over the same period last year as total assets also increased from Sh55.6 billion in 2010 to Sh66.4 billion this year.
Interest income including fees and commissions as well as foreign exchange trading income increased from Sh503 million in 2010 to Sh774 million in 2011.
“We expect this great momentum to continue during the second half of the year as we continue to focus on tailor-made products and deliver world-class services to our customers,” said Mr Connelly.
In the first three months of the year, customer deposits increased from Sh32.8 billion in 2010 to Sh43.1 billion as net loans and advances to customers also surged from Sh19.8 billion to Sh22.5 billion.