Victoria Bank’s net profit hits Sh617m

Victoria Bank’s net profit grew to Sh617 million up from last year’s Sh592 million. FILE PHOTO | NMG 

By ELVIS MBOYA

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Victoria Commercial Bank weathered interest rate capping and long electioneering period to record a 4.2 per cent growth in after-tax profits in the year ended December 2017.

Victoria Bank’s net profit grew to Sh617 million up from last year’s Sh592 million riding on growth of loans and advances.

Net loans and advances grew 23.3 per cent from Sh15.3 billion to Sh18.8 billion while customer deposits grew 18.9 per cent from Sh15.6 billion to Sh18.6 billion.

Victoria’s non-interest income also increased to Sh358 million from the previous year’s Sh268 million while interest income expanded 4.4 per cent from 2.4 billion to 2.5 billion.

Interest expense reduced by 2.9 per cent in what the head of finance Hezron Kamau attributed to balance sheet funding cost management.