CEO, Rebecca Mbithi stated that the institution has been able to grow customer deposits by 18% to Sh61 billion in Q1 2020. The growth, she said, is attributable to their efforts to build strong relationships with their clients, the provision of innovative products and strong relationships that are geared towards bettering the customer experience. 

Moreover, with the automation and digitization of critical processes, the bank will continuously seek to drive digital transactions to enable the provision of convenient banking services especially with the pandemic still ongoing. The institution experienced an 80 percent shift in digital transactions.

A 24.8 percent increase in interest income from Sh1.13 billion to Sh1.4 billion was also reported by the bank. This growth was supported by the 16 percent increase in loans and advances. The institution is keen on growing its non-interest income as well after it made Sh714.9 million in the first quarter up by Sh63.1 million from last year. A marginal increase in total operating expenses of Sh149.52 million highlighted the effectiveness of cost-cutting measures implemented by the bank.

COVID-19 and Outlook

The bank projects that they will be able to weather the tough conditions brought by the Covid-19 pandemic to increase its earnings for this year. It will continuously work to cut costs by encouraging the use of alternative banking solutions to meet client needs going forward. The CEO, Rebecca Mbithi, added that there will be a focus on strategic partnerships and custom innovative solutions in driving the bank’s performance in 2020