Kingdom Bank’s Q1 profit up 58.1% to Ksh.209.8 million
Kingdom Bank’s quarter one profit in 2022 surged by 58.1 percent to Ksh.209.8 million from Ksh.132.7 million posted a similar period in 2021.
The profit record is anchored o lower costs with the unit’s overall operating expenses falling 39 percent to Ksh.494.8 million.
The lower expenses are due to a 35.9 percent drop in loan-loss provisioning costs to Ksh.24.9 million from Ksh.388.3 million.
However, the Co-operative Bank-owned entity’s total operating income fell to Ksh.704.6 million from Ksh.946.9 million.
The falling income came as the Kingdom’s net interest income eased to Ksh.637.1 million from Ksh.895.1 million.
It saw a 30 percent rise in non-interest income to Ksh.67.5 million.
Customer deposits rose by 23.6 percent to Ksh.6.8 billion from Ksh.5.5 billion.