• About
  • Advertise
  • Privacy & Policy
  • Contact
Kenyan Business Feed
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business
No Result
View All Result
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business
No Result
View All Result
Kenyan Business Feed
No Result
View All Result
Home News

Prime Bank’s net profit jumps 20pc

Kenyan Business Feed by Kenyan Business Feed
Share on FacebookShare on Twitter

[ad_1]

Table of Contents

Toggle
        • Companies
  • Prime Bank’s net profit jumps 20pc to Sh567m
Companies

Prime Bank’s net profit jumps 20pc to Sh567m

Wednesday, May 22, 2019 21:01


By BRIAN NGUGI

CASH MONEY
Prime Bank recently received new capital investments of Sh5.1 billion from private equity firms AfricInvest and Catalyst Principal Partners. FILE PHOTO | NMG 

Prime Bank has reported a 20.4 percent jump in net profit for the first quarter ended March on higher interest and transaction-based income.

The lender’s profit stood at Sh567.7 million in the period compared to Sh471.5 million a year earlier.

Prime Bank’s total interest income jumped 12.8 percent to Sh2.1 billion in the period largely on account of higher income from lending to government which rose 51.29 percent to Sh1 billion during the review period.

Income from loans and advances to customers dropped 14.09 percent or by Sh166 million to Sh1 billion in the period under review.

The lender also benefited from growth in non-funded income, which went up 24.47 percent to Sh507.8 million in the quarter from Sh408 million a year earlier.

This came as the lender’s total operating expenses jumped 17.81 percent to Sh953.4 million.

Prime Bank recently received new capital investments of Sh5.1 billion from private equity firms AfricInvest and Catalyst Principal Partners.

The institutional investors took a 24.2 percent stake in the deal that the bank said will help fund growth.

Prime Capital is listed as the bank’s second-biggest shareholder with a 14.36 per cent stake while Jamson Ltd, Crason Ltd, Nason Ltd, Prime Trustees and Capital Nominees hold 8.02 per cent equity each.

There has been an increase in bank mergers and acquisitions in the past few years, motivated by a desire to cut costs and beef up capital in the wake of interest rate controls and more stringent regulation.

Other pending deals include NIC’s tie-up with CBA, KCB’s proposed acquisition of National Bank of Kenya (NBK).

[ad_2]

Source link


Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]
Kenyan Business Feed

Kenyan Business Feed

Recommended.

Kitui, Machakos, Makueni counties sign first joined agreement

May 19, 2019

Employers fight back 1.5 per cent housing levy : The Standard

May 24, 2019

Subscribe.

Trending.

Safaricom warns customers against fake M-Pesa investment schemes circulating online, urging Kenyans to verify all offers through official channels.

Safaricom Warns Customers Against Fake M-Pesa Investment Schemes Circulating on Social Media

September 21, 2025
Tourism CS Rebecca Miano joins Samburu leaders at the Maralal Camel Derby, which draws 30,000 visitors and boosts cultural tourism in northern Kenya.

Maralal Camel Derby Draws 30,000 Visitors as Festival Anchors Samburu on Global Tourism Map

September 28, 2025
Co-operative Bank of Kenya recognized at Global SME Finance Forum 2025 for innovative business banking solutions supporting SMEs across Africa.

Co-op Bank Honored at Global SME Finance Forum 2025 for Advancing SME Finance and Innovation

September 22, 2025
Safaricom Chapa Dimba All-Stars closed their Spain tour with a 4-2 win over SD Huesca, showcasing Kenyan youth football talent on an international stage.

Safaricom Chapa Dimba All-Stars Seal Spain Tour With 4-2 Victory Over SD Huesca

September 21, 2025
Nairobi hosts the first PUBG Mobile Africa Cup Finals, with Safaricom Hook providing 5G power, fan zones, and interactive gaming experiences.

East Africa Crowns First PUBG Mobile Africa Cup Champion as Safaricom Hook Powers Historic Finals

September 21, 2025
Kenyan Business Feed

We focus on news, analysis, and reports about Kenyan business, covering sectors like agriculture, finance, tourism, and technology.

Categories

  • African
  • Agribusiness
  • Courts
  • Education
  • Health
  • Hospitality
  • Manufacturing
  • NetWorths
  • News
  • Reports & Analysis
  • World Business

Popular News

  • First look at the prison where El Chapo may live for the rest of his life

    First look at the prison where El Chapo may live for the rest of his life

    2157 shares
    Share 1040 Tweet 466
  • Sameer Africa CEO Sacked

    1804 shares
    Share 750 Tweet 439

Recent News

Tourism CS Rebecca Miano joins Samburu leaders at the Maralal Camel Derby, which draws 30,000 visitors and boosts cultural tourism in northern Kenya.

Maralal Camel Derby Draws 30,000 Visitors as Festival Anchors Samburu on Global Tourism Map

September 28, 2025
Kenyans to enjoy free entry to all national parks on World Tourism Day as government promotes conservation and domestic tourism.

Free Entry to National Parks Announced for World Tourism Day as Sector Pushes Sustainability Agenda

September 28, 2025
  • Home
  • African
  • News
  • Education
  • Health
  • Reports & Analysis
  • World Business

© 2025 KBF

No Result
View All Result
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business

© 2025 KBF