Foreign owned Citibank Kenya has posted a KSh 8.1 billion in profit after tax in the 9 months to September, a 25.8% increase from KSh 6.5 billion recorded in the same period in 2023.
- The lender, whose niche is in the corporate segment, saw its total operating income increase by 15.7% growth to KSh 16.5 billion on the back of double-digit growth in the interest earning assets.
- Net interest income surged 26.6% to KSh 6.7 billion fueled by robust increase in interest income from loans and increased income from government securities.
- The lender increased its allowance for credit losses by KSh 215.4 million, which drove up operating expenses by 20% in the 9 months.
Customer loans decreased by 16.7% to KSh 55.2 billion with deposits increasing 11.9% to KSh 114.2 billion in the period. Gross non-performing loans saw a 2% uptick to KSh 2.2 billion as high interest rates lingered.
Citibank NA Kenya’s balance sheet size expanded 10.4% to KSh 160.9 billion from KSh 145.7 billion in the period.
The lender has been operating in the Kenyan credit space since 1974 with two branches in Nairobi and Mombasa, targeting corporate and institutional customers. It serves as the regional hub for the Citi East Africa-which has a presence in Kenya, Uganda, Tanzania, and Zambia.
