Centenary Bank profits up 15 percent
Apr 08, 2010
CENTENARY Bank has registered a 15% rise in net profit of sh24b in 2009, up from sh20b the previous year despite a challenging year, according to the bank’s financial statement issued on Tuesday.
By Sylvia Juuko
CENTENARY Bank has registered a 15% rise in net profit of sh24b in 2009, up from sh20b the previous year despite a challenging year, according to the bank’s financial statement issued on Tuesday.
Its net loans and advances to the customers increased by 19% to sh343b, from sh287b in the period under review.
The financial statement shows that the bank’s assets also grew by over 31% to sh582.7b last year, from sh444b in 2008.
Net interest income went up to sh82.7b compared to sh66.5 in 2008.
Customer deposits also increased by 29% to sh443.4b, up from sh344.5b recorded the previous year. However, operating expenses went up to sh31.5b last year, from sh26b in 2008.
This was due to a rise in staff costs and impairment losses on loans and advances, which more than doubled to sh6.4b, from sh2.7b in 2008.
The bank was cautiously optimistic about 2010, noting that its customers will come under pressure due to turbulence in global financial markets.
“The turbulence in the financial markets observed through 2009 is envisaged to continue in the year 2010 thereby extending pressure on consumers,|†the bank said.
Going forward, Centenary bank will continue its expansion plans through increasing its branch network and ATM cash points as well as other delivery channels.
CENTENARY Bank has registered a 15% rise in net profit of sh24b in 2009, up from sh20b the previous year despite a challenging year, according to the bank’s financial statement issued on Tuesday.
Its net loans and advances to the customers increased by 19% to sh343b, from sh287b in the period under review.
The financial statement shows that the bank’s assets also grew by over 31% to sh582.7b last year, from sh444b in 2008.
Net interest income went up to sh82.7b compared to sh66.5 in 2008.
Customer deposits also increased by 29% to sh443.4b, up from sh344.5b recorded the previous year. However, operating expenses went up to sh31.5b last year, from sh26b in 2008.
This was due to a rise in staff costs and impairment losses on loans and advances, which more than doubled to sh6.4b, from sh2.7b in 2008.
The bank was cautiously optimistic about 2010, noting that its customers will come under pressure due to turbulence in global financial markets.
“The turbulence in the financial markets observed through 2009 is envisaged to continue in the year 2010 thereby extending pressure on consumers,|†the bank said.
Going forward, Centenary bank will continue its expansion plans through increasing its branch network and ATM cash points as well as other delivery channels.