In the year ended 31 December 2022, the Bank recorded a net profit of KES 195 million compared to a net profit of KES 218 million as at 31 December 2021, (-11%) decrease. The sustained profitability is primarily due to;

• Improved net interest income.
• Improved FX income
• The Bank has had to manage the financial year with the below actions;
• Increased margins through pricing of loans under the risk-based model
• Growth in non-risk assets (Government securities)
• Increased FX income due to market volatility.
• Increased cost of risk due to reduced recoveries

The balance sheet size increased by 13% in 2022 due to customer deposits (+23%).

The Bank has been focusing on balance sheet optimization through investing in interest earning assets.

Loans and advances grew to 39% of total assets from 36% in December 2021.

Government securities improved to 30% of total assets up from 23% due to the need to grow non-risk assets (government securities) so as to increase interest income with nil impact on capital and also optimize its surplus resources.