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Citi Bank Kenya posts 25pc drop in profit to Sh1.2bn
One of the entrances to Citi Bank's corporate headquarters in New York City on August 12, 2014. The Citi Foundation has announced a partnership with business solutions developer TechnoServe to help women and youth grow business in Africa. PHOTO | ANDREW BURTON |
What you need to know:
- Emergence of strong indigenous lenders like KCB, Equity, and Cooperative banks is, however, increasingly challenging traditional corporate bankers.
- Despite operating only two branches in the country, Citi Bank has been riding on its global brand to attract corporate clients, which has seen it record brisk business.
Citi Bank Kenya has posted a 25 per cent decline in profit for the half year to June 2014, due to a loss in foreign exchange trading.
The bank, which is a branch of US giant Citi, reported an after-tax profit of Sh1.2 billion in the period under review, down from Sh1.7 billion it recorded in 2013.
The corporate lender suffered a considerable decline in other income (earnings from activities other than the usual banking operations) from Sh303.9 million in 2013 to Sh7.5 million.
INDIGENOUS LENDERS
Emergence of strong indigenous lenders like KCB, Equity, and Cooperative banks is, however, increasingly challenging traditional corporate bankers.
Total operating expenses went up 9 per cent to Sh1.4 billion, up from Sh1.3 billion over a similar period last year.
Despite operating only two branches in the country, Citi Bank has been riding on its global brand to attract corporate clients, which has seen it record brisk business.
The loan book for the period under review grew to Sh31 billion, from Sh23 billion over a similar period last year.
