15 August 2010

Kenya: Imperial Bank's Net Profit in 45 Percent Rise

Nairobi — Imperial Bank has posted a 45 per cent after tax profit of Sh409 million for the second-quarter ending June 2010, compared to Sh283 million over the same period last year.

Speaking as he released the results at the bank's Upper Hill head office, Imperial Bank's managing director, Mr Abdulmalek Janmohamed, attributed this performance to the continued favourable operating environment, which has prevailed in the review period.

The bank has also been able to maintain good financial performance as reflected in its asset growth and further improvements in capitalisation and levels of efficiency.

It has also enhanced operations of its customer relationship and risk management portfolios. The bank opened its 12th branch in Thika during the period.

"The increased footprint has brought us closer to our customers and as such, we are even more responsive to their needs and expectations.

"This coupled with enhanced service delivery and overall efficiency has seen an increase in customer loyalty and increased uptake of our services," adds Mr Janmohamed.

The bank's total operating income increased by 33 per cent to reach Sh1.2 billion compared to the same period last year.

The total assets grew by 29 per cent from Sh15 billion to Sh19.4 billion as at June 2010, while customer deposits grew by 18 per cent to Sh13.5 billion from the previous Sh11.4 billion.

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