Key Highlights for the Financial Year 2019
- Profit Before tax grew by 86% to Ksh 332 Million
- Interest Income grew by 20% to Ksh 1.8 Billion
- Non-Interest income grew by 38% to Ksh 0.77 Billion
- Total Assets grew by 23% to Ksh 17.8 Billion
- Gross Loan and Advances grew by 32% to 13.5 Billion
- Total deposits grew by 20% to 13.1 Billion
We reported our full year 2018 financial results which saw Profit before Tax grow by 86% to Ksh. 332 Million. The bank has been on an upward trend for the past couple of years with the PBT growing exponentially in 2018. Despite the challenging year for most players in the Banking industry, since the introduction of the interest rates Cap, Credit Bank has continued to attract more customers mostly from the SME sector. As a Bank, we have managed to curate products that suit the SME market in this country. This speaks to a repositioning of the Bank as the SME’s preferred financial solutions partner especially in trade solutions. Bid bonds, for example, are available within 1 hour in any of our 17 branches.
Mrs. Betty Korir, our Chief Executive Officer, indicated that Credit Bank is well positioned to support the SME sector in this country. “We have the expertise to advise and support especially those in trade business. Coupled with excellent customer service we believe the bank is on its way to being in the top tiers in the near future. Our focus on supporting the SME sector is beyond financial, we offer technical support through the Entrepreneurs Hub to ensure continuity of these businesses,” she said during our press briefing.
Credit Bank’s client base has continued to grow and more significantly within the last year, courtesy of the business solutions that we have availed to our clients. As an institution, we concentrate on offering our customers solutions, listening to what our customers are looking for rather than just giving products.
The bank has greatly invested in technology giving customers more convenience through enhanced mobile and internet banking platforms not to mention a lending mobile arm soon to be launched.
There is a huge opportunity for growth in this market that we are keen to tap in for mutual benefit to our customers.