NAIROBI, Kenya, Dec 1 – Spire Bank has posted a Sh626.3 million loss in the Q3 period ended September 30, weighed down by reduced net and non-net interest incomes.
In its latest financial statement, the lender’s net loss dropped to Sh626.3 million in quarter-three 2022, down from Sh818.8 million during the previous period last year.
The drop in earnings is attributed to a drop in 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.
