Citibank Kenya reports Sh4.1b profit in 2014

Kenya: Citibank Kenya has reported a pre-tax profit of Sh4.1 billion. Joyce-Ann Wainaina, the bank's Chief Executive Officer, reckoned that despite the overall results for 2014 fell short of our expectations, the bank, a branch of Citibank NA did make significant progress on its loan book and earnings from interest.

 "During the year, we increased our market share among our target institutional clients, grew our core loan book, and improved both our net interest revenue and margin from 2013 levels by 6 per cent to Sh4.5 billion," explained Joyce-Ann.

 She said the bank made steady progress on execution priorities and strategy despite a continued challenging operating environment experienced in 2014. Though making good progress on these initiatives in 2014, Citibank Kenya expects the operating environment in 2015 to remain challenging. "Short-term interest rates will likely remain low for some time, and thus spread compression could continue to impact the bank during the year," said Joyce-Ann.