Kingdom Bank’s Q1 profit up 58.1% to Ksh.209.8 million

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.

FOLLOW US ON:
DTB Q1 profit up 15.
Paul Russo to replac

Lawrence Baraza is a prolific writer with competencies in Digital Media, Print, and Broadcast. Baraza is also a Communication Practitioner currently spearheading Digital content on Metropol TV's Digital Desk.

Rate This Article: