Spire Bank Post Sh626.3 Million Q3 Loss

Spire Bank has posted a Sh626.3 million profit after tax losses, weighed down on reduced net and non-net interest incomes.

In its latest financial statement, the lender’s net profit dropped to Sh626.3 million in quarter-three 2022, down from Sh818.8 million during the previous period last year.

Drop in earnings is attributed to a drop of net interest income that dropped from Sh235.98 million to Sh174.62 million in the period.

Similarly, non-interest income fell from Sh53.2 million to Sh47.6 million between the period.

Spire Bank has been under financial challenges with the lender being unable to get cash from other banks.

It has also been requesting its majority shareholders Mwalimu Sacco and the Central Bank of Kenya (CBK) for help to meet expenses, recover losses and earn money.

In September, Business Daily reported that Equity Bank had concluded agreements to buy Spire Bank.

Under the deal, Mwalimu Sacco will pay Equity Sh1.7 billion for liabilities.