Citibank pre-tax profits increase by Sh400 million

By JAMES ANYANZWA

Citibank Kenya posted a 30.5 per cent growth in pre-tax profit for the six-month period ended June 30.

The bank’s profit before tax rose to Sh1.9 billion from Sh1.5billion in the same period last year.

"This increase in profits was primarily due to higher fee and trading income, lower operating expenses partially offset by lower net interest income which reached Sh1.015 billion," said Daniel Connelly Citibank Kenya Managing Director.

Connelly said the bank is building on its local presence, with more products and services to serve its client base and wholesale business.

He said the solid operating performance was achieved as the bank continued to execute its strategic plan.

According to the bank’s unaudited financial statements released yesterday net profit increased by 33 percent to Sh 1.2 billion reflecting growth in virtually all significant corporate banking drivers.

Net fee income grew by 25 per cent to Sh614 million primarily due to higher fees from improved transaction activity and additions of corporate and public sector clients.

"We produced growth in both loans and deposits, continued to invest in our core businesses and improved our financial strength," said Connelly.

INNOVATIVE PRODUCTS

"Although the near-term macroeconomic outlook is uneven, Citi is consistently profitable, and we remain focused on producing responsible growth by serving our clients."

Citibank Kenya, which is part of Citigroup with operations in over a hundred countries around the globe, has a wide-range of innovative products and services tailor-made to meet and fulfill customers’ needs to their satisfaction in a most efficient, economical and superior manner.

It offers banking services including commercial finance, inter-bank transactions, among others.