NAIROBI, Kenya, March 29-Prime Bank has recorded a 43pc growth in earnings for the full year ended December 31 2021 to post a net profit of Sh3.02 billion.
The lender posted a Sh2.1 billion profit during the same period in the previous year.
The growth was driven by increased income from investments in government securities, reduction in non-performing loans and cost efficiencies across its operations.
Commenting on the results, the Bank’s Managing Director Bharat Jani said the tremendous growth was a result of investment in government securities which yielded Sh6.6 Billion representing a 15 per cent increase from Sh5.7 billion recorded in 2020.
“The bank remains optimistic about its growth trajectory and stands resilient to the market dynamics,” said Bharat.
The bank’s total deposits grew by 9pc to close the year at Sh97billion compared to Sh89billion recorded in 2020.
The lender’s balance sheet expanded to Sh126 billion which was a 7 per cent growth from Sh116billion recorded in the previous year.
The Bank’s liquidity ratio stood close to 80 per cent above the CBK’s statutory requirement of 20 per cent.
The bank also maintained a strong capital adequacy position, ending the year with core capital of Sh24 billion against Central Bank of Kenya’s statutory requirement of Sh1 billion.
“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 Bharat.