Mayfair Bank narrows loss in first quarter to Sh76m
Tuesday, May 21, 2019 20:44
By JOHN MUTUA
Mayfair Bank recorded steady growth as it narrowed its net loss to Sh76 million in the first quarter ended March compared to a net loss of Sh89.1 million a year earlier.
The lender’s interest income rose 90.5 percent to Sh126.1 million as the loan expanded five times to Sh3.4 billion from Sh677.7 million.
Non-interest income increased 147 percent to Sh20.9 million. The lender’s operating expenses rose 9.3 percent to Sh131.1 million.
Interest expenses doubled to Sh91.9 million, partly reflecting a near-similar rise in customer deposits to Sh5.4 billion.
“This performance underscores the lender’s immense potential to steadily gain a strong foothold in the ranks of Tier Three banks within the near future,” Mayfair said in a statement.
The lender targets large and mid-sized corporates and high net-worth individuals as its niche.
Licensed on June 20, 2017, Mayfair commenced banking operations on August 1, 2017, and currently runs five branches: three in Nairobi and one each in Mombasa and Eldoret.
Another branch is scheduled to be opened later this year in Mombasa’s CBD as part of the bank’s strategic plan to widen its corporate footprint in Kenya.
To enhance the customer experience and quality of service delivery the bank also launched its mobile banking platform – MAYPAY – and is set to roll out its Internet Banking feature in the near future.
The bank was founded by a group of business people drawn from diverse business sectors of the economy, with Mayfair Insurance Group as its anchor shareholder.