Consolidated Bank Acting Chief Executive Officer, Dominic MurageConsolidated Bank has sustained its strong turnaround momentum, reporting a gross profit of Sh92.5 million for the first three months of the year.
This is a significant improvement from a loss of Sh12 million recorded in Q1 2025.
This represents an 869 per cent year-on-year turnaround, underscoring the effectiveness of the Bank’s transformation strategy.
The bank balance sheet expanded significantly, with total assets growing by 18 per cent to Sh20 billion, up from Sh17 billion in March 2025.
Customer deposits increased by 12 per cent year-on-year, rising from Sh11.3 billion to Sh12.7 billion, driven by an expanding customer base and strengthened engagement with public sector institutions.
The growth in the balance sheet was primarily driven by a 56 per cent increase in government securities, which rose to Sh8.8 billion from Sh5.7 billion in the previous period. This was complemented by a two per cent growth in loans and advances, which stood at Sh8.4 billion at the close of the quarter.
The Pan African lender recorded a 66 per cent increase in net interest income, which rose to Sh378 million from Sh228 million, supported by disciplined funding cost management and a strengthened liquidity position.
Liquidity stood at 35 per cent, well above the regulatory requirement, providing sufficient capacity to support future growth.
Total operating income grew by 32 per cent year-on-year to Sh512 million, with the Bank’s subsidiary, Consolidated Bancassurance Intermediary, contributing 12 per cent to the Group’s earnings.
Operating expenses rose modestly by five, reflecting continued cost discipline and operational efficiency while supporting strategic growth initiatives.
Consolidated Bank Acting Chief Executive Officer, Dominic Murage, said the results reflect the strong progress they are making in executing the Bank’s turnaround strategy.
“The significant growth in profitability, revenue, and balance sheet demonstrates our commitment to delivering sustainable value to our shareholders, customers, and other stakeholders while positioning the Bank for long-term growth.”
He further emphasized that the bank’s growing partnerships with government agencies, parastatals, universities, and ministries will play a critical role in supporting customers, particularly SMEs and MSMEs, through tailored financial solutions designed to enhance their growth and success.
