Giro Bank’s third quarter profit goes up by 32 per cent
CYNTHIA ILAKO / Giro Commercial Bank posted a 32.84 per cent rise in profit after tax for the nine months to September compared with the same period last year, the tier three lender announced yesterday. Net profit increased to Sh509.35 from Sh383.44 million a year earlier, according to the bank’s unaudited statement. The profitability was largely driven by a 20.25 per cent jump in net interest to Sh754.60 million from Sh627.52 million it posted 12 months ago. Loans and advances were flat at Sh9.12 billion, largely unchanged from last year, as the bank released the financial performance report postinterest caps enforced on September 14. Customer deposits dropped 3.05 per cent to Sh12.70 billion from Sh13.10 billion in September 2015. Total insider loans decreased from Sh814.97 million in September 2015 to Sh640.19 million at the end of last September.