Centenary Bank Posts 31% Growth In Profits

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Centenary Bank’s profits after tax grew by 31.2% to sh211b from sh161b posted in 2020, supported by growth in interest income from lending and investment in government securities.

According to the bank’s audited financial statement released on April 27, the bank earned about sh92 billion in interest from government securities, up from sh77b earned previously.

The bank’s interest from loans to customers grew to sh500 billion from sh428 billion in 2020.

Centenary Bank’s managing director Fabian Kasi attributed the growth in profitability to prudent cost management amid pandemic-related challenges.

“We leveraged technology, people, and good relationships, to deliver good performance, despite the year’s challenging operating environment,” he said.

Total income grew to sh864 billion from sh720 billion in 2020, attributed to the growth in income from lending operations and investing in securities.

Net loans and advances grew to sh2.7 trillion from sh1.9 trillion. Customer deposits grow slightly during the period by 1.4% to sh3.18 trillion.

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Kasi attributed the marginal growth to a prolonged lockdown of sectors such as education that are key contributors to deposits during the period under review.

“Centenary Bank is leading on Mobile banking connections, at 41.6% of industry connections. We closed the year with over a quarter of customer transactions being carried out on the mobile banking platform such as CenteMobile,” Fabian said.

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