Spire Bank has posted a KES 626.3 million profit after tax losses, weighed down on the reduced net and non-net interest incomes.
In its latest financial statement, the lender’s net profit dropped to KES 626.3 million in quarter-three 2022, down from KES 818.8 million during the previous period last year.
The drop in earnings is attributed to a drop in net interest income that dropped from KES 235.98 million to KES 174.62 million in the period.
Similarly, non-interest income fell from KES 53.2 million to KES 47.6 million during the period.
Spire Bank has been under financial challenges with the lender being unable to get cash from other banks.
It has also been requesting its majority shareholders Mwalimu Sacco and the Central Bank of Kenya (CBK) for help to meet expenses, recover losses and earn money.
In September, it was reported that Equity Bank had concluded agreements to buy Spire Bank. Under the deal, Mwalimu Sacco will pay Equity KES 1.7 billion for liabilities.
